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In a move that strengthens its position in the European automotive industry, auto components maker, Tata AutoComp Systems said on Thursday it has signed a pact to acquire 100 per cent shares of the Slovakia-based, IAC Group.

While the company did not disclose the financial details of the agreement, it stated that it had entered into a conditional agreement (that included being subject to applicable regulatory approvals) through its British subsidiary, Artifex Interior Systems Limited (Artifex).

 

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In a statement, Tata AutoComp said the strategic acquisition will strengthen the company’s capabilities and lay the foundation for deeper expansion across the UK and EU markets.

The move supports the firm's ambitious growth plans, positioning the company as a significant player in the European automotive industry, in line with its vision to become the partner of choice for global OEMs, the statement said.

"The acquisition of IAC Slovakia will mark a significant milestone in Tata AutoComp's global growth journey. Following our earlier acquisition of Artifex, this step strengthens our European presence and reflects our commitment to serving global OEMs more effectively," said Tata AutoComp Vice-Chairman, Arvind Goel.