Shriram Pistons & Rings Limited (SPRL), a leading name in India’s auto component manufacturing sector, has announced its acquisition of TGPEL Precision Engineering Limited (formerly Timex Group Precision Engineering Limited).
The acquisition, valued at INR 2,200 million on a debt-free, cash-free basis, will be executed through SPRL's wholly-owned subsidiary, SPR Engenious Limited (SEL), and is expected to close by December 2024, subject to customary approvals and conditions.
TGPEL is a prominent manufacturer of precision moulds and injection-moulded components, serving industries such as automotive, electrical, consumer goods, and medical, with a strong presence in both domestic and international markets.
Established in 2008, TGPEL operates two state-of-the-art manufacturing facilities in Noida, Uttar Pradesh. The company’s expertise in high-technology precision mould development, in-house tool manufacturing, and injection-moulded components for original equipment manufacturers (OEMs) will complement SPRL’s existing capabilities.
Krishnakumar Srinivasan, MD & CEO of SPRL, highlighted the strategic importance of this acquisition, stating, 'With this investment, SPRL aims to expand its product portfolio beyond pistons, rings, engine valves, and electric powertrain components into precision plastic injection moulded parts. TGPEL’s advanced mould development capabilities and manufacturing setup will enable us to cater to domestic and global customers requiring precision moulded parts for automotive and industrial applications.'
He further emphasised the potential synergies between SPRL and TGPEL, noting that SPRL’s engineering prowess and strong customer base will enhance TGPEL’s ability to offer a wider range of products and services, thereby strengthening its position in the high-precision injection moulding market. 'This acquisition combines technology-driven manufacturing teams, united in their pursuit of excellence to deliver world-class products, benefiting customers and creating long-term value for all stakeholders,' Srinivasan added.
TGPEL's financial strength and consistent year-on-year growth are expected to contribute positively to SPRL’s consolidated financials. This acquisition marks SPRL's third strategic deal in recent months, following its majority stake acquisitions in SPR EMF Innovations Private Limited, an EV motor and controller manufacturer based in Tamil Nadu, and SPR Takahata Precision India Private Limited, a precision moulding and automated assembly specialist in Rajasthan.
Through these strategic investments, SPRL is positioning itself as a comprehensive solutions provider in the evolving automotive and industrial markets, reinforcing its commitment to innovation, customer satisfaction, and long-term growth.
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