EuroGroup to acquire 40% stake in India’s Kumar Precision Stampings
Italian electric motor component maker EuroGroup Laminations (EGLA) is set to acquire a 40% stake in India’s Kumar Precision Stampings.
Milan-based EGLA specializes in stators and rotors, key components of electric motors and generators, supplying major automotive and industrial manufacturers, including Volkswagen, Renault, Ford, GM, and a major undisclosed U.S.-based EV maker.
EGLA will invest EUR 19.9 million for the stake in Kumar, which also produces stators and rotors for various industrial applications, facilitating EGLA’s entry into the Indian market. The deal, expected to close by year-end, includes a shareholder agreement giving EGLA control over Kumar.
This announcement follows EGLA’s agreement with Chinese automotive component firm Hixih Rubber Industry Group during Italian Prime Minister Giorgia Meloni’s visit to China.
The agreement with Hixih aims to establish an EGLA-controlled joint venture to boost growth in China’s EV market. Plans include a new R&D centre for innovative technologies and a high-tech industrial plant for producing motor cores for New Energy Vehicles at Hixih Group’s industrial base in Shandong province.
EGLA already operates two production facilities in China, one for its EV & Automotive business unit and another for its industrial business unit.