Staff Writer
New Delhi: Shriram Pistons & Rings has announced a major expansion of its automotive portfolio with a deal to acquire three Indian subsidiaries of Spain’s Grupo Antolin for an enterprise value of €159 million, roughly ₹16,700 million. The agreement, disclosed to the stock exchanges on Thursday, marks one of the company’s biggest moves beyond its traditional powertrain-focused business.
Under the share purchase agreement, Shriram Pistons will take full ownership of Antolin Lighting India, Grupo Antolin India and Grupo Antolin Chakan, the latter being a subsidiary of the Indian arm. The deal will be executed entirely through cash and is expected to close by January 2, 2026, subject to the completion of required conditions.
The three companies together form a significant part of Grupo Antolin’s India operations and supply a wide range of interior components to leading vehicle manufacturers. Their product portfolios include headliner substrates, modular headliners, sunvisors, door panels, floor consoles, pillar trims, overhead consoles, dome lamps, ambient lighting systems and capacitive touch panels. Antolin Lighting India, incorporated in 2023, reported revenue of ₹1,237 million in FY25. Grupo Antolin India, set up in 1996, posted revenue of ₹7,159 million during the same period, while its subsidiary in Chakan contributed ₹3,395 million.
Shriram Pistons said the acquisition reflects its long-term strategy of entering product areas that are not tied to conventional engine technologies. By moving into automotive interiors, the company aims to strengthen its position as a diversified components supplier and reduce dependence on its core piston-and-ring business. The company will also sign a technology licensing agreement with Grupo Antolin, giving it continued access to advanced tools and support for new product development.
As part of the deal structure, Shriram Pistons will acquire all outstanding shares of Antolin Lighting India and Grupo Antolin India. It will gain almost the entire equity of Grupo Antolin Chakan indirectly through its purchase of the parent unit and will buy the remaining single share directly. The company clarified that the transaction is not a related-party deal and involves no promoter group interests.
Shriram Pistons told the exchanges that the full details of the acquisition have been uploaded on its investor portal and requested that the filing be taken on record. Industry watchers view the move as a significant consolidation in India’s auto components space at a time when manufacturers are seeking to broaden capabilities amid the sector’s shift toward electrification and advanced interiors.
