MUMBAI: Automotive parts supplier Minda Industries Ltd., has acquired the location-tracking (telematics) hardware business of KPIT Engineering, which provides IT consulting and product engineering services to automakers, it said in a stock exchange filing.
Minda makes automobile components, including horns, air filtration systems, seatbelts and speakers. It has 58 manufacturing plants globally, with facilities in Indonesia, Vietnam, Spain, Mexico, Morocco, Germany and Colombia as well as design offices in Taiwan, Japan and Spain.
Telematics is a method of monitoring an asset using Global Positioning System (GPS) to record movements on a computerized map. Minda has acquired KPIT’s hardware products for school buses.
NK Minda, Chairman and Managing Director, Minda Industries, said, "With AIS (Automotive Industry Standard) 140 notification being released by the government this year and its implementation with effect from January 2019, we believe that this segment will offer opportunity for growth and expansion."
“In addition to this, KPIT is among the pioneers in the telematics space in India and this collaboration would give access to new customers and technology," he added.