Bain Capital-backed Dhoot Transmission acquires Multilink to boost electronics manufacturing

Mumbai: Bain Capital-backed automotive component manufacturer Dhoot Transmission Ltd has acquired Multilink Pvt. Ltd., which makes electronics and electrical products for two- and three-wheeler makers in India, the companies said on Tuesday.

The companies declined to give the financial details of the deal.

“The integration is expected to unlock significant synergies through enhanced procurement efficiencies, manufacturing capabilities, and supply chain optimization,” said Saahil Bhatia, partner at Bain Capital, in a statement.

PwC acted as financial advisors to Dhoot, while Aeka Advisors advised Multilink.

The development comes more than a year after the global private equity firm acquired a significant minority stake for an undisclosed sum in IPO-bound Dhoot in a deal that valued the company at over a billion dollars.

The other major deal in the auto component space included Carlyle's acquisition of a controlling stake in Highway Industries Ltd and Roop Automotives Ltd last year.

Bain’s latest transaction marks another strategic bolt-on acquisition for the Aurangabad-based company, reinforcing its capabilities as a scaled, integrated solutions provider to the automotive ecosystem.

The acquisition aligns with Dhoot’s strategy to capitalize on accelerating trends toward increased electrification, premiumization and electronic content in vehicles, supported by rising EV adoption.

Bengaluru-based Multilink supplies original equipment manufacturers (OEMs) with a diversified product portfolio that includes chargers, sensors, relays and switches. The Bengaluru-headquartered entity operates three manufacturing facilities in Hosur, Mysore, and Manesar.

“Multilink is a strategic fit for Dhoot, given the complementary product portfolio and longstanding customer relationships. This acquisition strengthens our position in the fast-evolving 2W and 3W segments, where electrification and increasing electronic content are driving structural growth,” Dhoot’s managing director Rahul Dhoot said.

The combined platform will enable cross-selling opportunities across a broader customer base, further accelerating growth. “Dhoot’s scale, customer relationships and manufacturing capabilities, along with Bain Capital’s strategic support, provide a strong platform for the next phase of growth,” Multilink promoter H.G. Vasuki said.

Earlier this year, Dhoot had announced a merger between one of the company’s subsidiaries and FourFront, a Tier-1 supplier of customized electro-mechanical and electronic solutions to OEMs, in a strategic move to bolster its electrical and electronics capabilities.