Varroc Engineering To Buy 74% Stake In Pune’s CarIQ Technologies
Auto components maker Varroc Engineering Ltd. on Tuesday said it will acquire 74 percent stake in Pune-based CarIQ Technologies, which provides connected car solutions to carmakers, fleet owners and insurance companies.
The company did not share financial details of the deal.
The Varroc-CarIQ deal will complement the company's connected vehicle product offerings such as instrument clusters, telematic devices and other data-based analytical products, the auto components maker said in a statement.
"We see our collaboration with CarIQ, and the capabilities we will build together and share, as crucial to both our current and future product strategies," said Arjun Jain, president (electrical and electronics business) at Varroc Engineering.
The Varroc-CarIQ deal opens up new possibilities for the Pune-based firm’s customers and partners who trust it to build scalable enterprise-grade solutions, said Chief Executive Officer Sagar Apte. "Together with Varroc, we have ambitious plans to bring affordable and meaningful solutions for the automotive space in India and abroad.”
Varroc Engineering designs, manufactures and supplies exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components for passenger cars, commercial vehicle and two-wheelers.