Mumbai, December 2025 – Shriram Pistons & Rings Limited (SPRL) has entered into a definitive Share Purchase Agreement (SPA) with Grupo Antolin Irausa, S.A.U. and Grupo Antolin Ingenieria, S.A.U. to acquire 100% of the outstanding shares of three Grupo Antolin entities in India: Antolin Lighting India Private Limited (T1), Grupo Antolin India Private Limited (T2), and Grupo Antolin Chakan Private Limited (T3), a subsidiary of T2.
The acquisition, valued at €159 million (approximately ₹1,749 crore), aligns with SPRL’s strategic objective to enhance its capabilities and expand its footprint in the automotive components sector. The transaction is expected to be completed by January 2, 2026, subject to customary closing conditions under the SPA.
Details of the Acquisition
- T1 – Antolin Lighting India Private Limited: Authorized and paid-up capital of ₹90 million; FY 2024-25 revenue of ₹1,237 million.
- T2 – Grupo Antolin India Private Limited: Authorized capital ₹1,800 million, paid-up ₹1,519.8 million; FY 2024-25 revenue ₹7,159 million.
- T3 – Grupo Antolin Chakan Private Limited: Authorized capital ₹560 million, paid-up INR 508.03 million; FY 2024-25 revenue ₹3,395 million.
The deal will see SPRL acquiring 100% of T1 and T2 shares and ~100% of T3 shares (including indirect and direct holdings).
Strategic Rationale
The acquired Grupo Antolin companies are leading providers of automotive interior solutions, manufacturing products such as headliner substrates, modular headliners, sunvisors, door panels, centre floor consoles, pillar trim, front-end carriers, overhead consoles, dome lamps, ambient lighting, touch panels, and capacitive pads for major Original Equipment Manufacturers (OEMs) in India.
Through this acquisition, SPRL will diversify into product areas beyond powertrain technologies, strengthen its position in the automotive components sector, and create long-term value for stakeholders. The company will also enter into a Technology Licensing Agreement with Grupo Antolin to ensure continuous access to advanced technologies and support for new product development.
Background
- T1: Incorporated in May 2023; FY 2023-24 revenue ₹382 million.
- T2: Incorporated in September 1996; last three years revenue – FY 2022-23: ₹5,321 million, FY 2023-24: ₹6,741 million, FY 2024-25: ₹7,159 million.
- T3: Incorporated in September 2008; last three years revenue – FY 2022-23: ₹2,679 million, FY 2023-24: ₹3,113 million, FY 2024-25: ₹3,395 million.
The acquisition is a significant step in SPRL’s growth journey, positioning it as a key player in the automotive interior solutions segment while expanding its technological and product capabilities.