Leading Indian automotive components maker Ashok Minda Group has bought Aksys in Koengen, Germany. The acquisition has been renamed Minda Schenk Plastic Solutions, Plant Koengen.

The Indian firm declined to comment on the price paid. “We cannot share the size of the deal,” said chairman Ashok Minda at a media event in New Delhi.

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Aksys at Koengen is a leading supplier of components to German automakers including Daimler, VW Group, Renault, PSA and GM. Daimler accounts for 60% of sales followed by VW group (11%) and the others 5%-6% each. It is understood Daimler played a vital role in the Minda Group’s acquisition of the German firm.

Eur 40m Aksys Koengen specialises in composites like sheet mould compounding, glass long fibre, glass mat thermoplastics and injected mould compounding currently not made in India.

“We have already set up a plant in Pune and plan to bring some of [these] technologies to the Indian market over time. The plant supplies the VW Group [assembly plant] in Pune,” Minda said.

Meanwhile Ashok Minda Group is also on an acquisition spree to consolidate its footprint globally. This is the fourth major acquisition by the group in Germany alone and the sixth in Europe.

Over the years, Ashok Minda Group acquired German auto components company KTSN, followed by Schenk & ALU Automotive in Germany, a subsidiary of Schenk in the Czeck Republic and Tectro in Poland.

Minda Group has recently acquired another plant in Uzbekistan to supply the CIS market. “This unit will primarily cater to the customers in the CIS region & Russia. Moreover, we will leverage these acquisitions and new projects to become a major supplier of car interiors” which Ashok Minda Group will concentrate on,” added Minda.

The group is targeting turnover of US$550m in 2010-11 and is aiming for $1.3bn by 2013-14. In line with the group’s overall strategy of expanding footprints globally, the ratio of international business to domestic is also expected to grow phenomenally in the years to come. Currently, its international business accounts for 40% of turnover and this is expected to rise to around half by 2013-14.

Ashok Minda group has 25 plants in India and abroad plus offices in Europe & Japan.