Gabriel India Limited announced on November 12, 2025, that its board of directors has approved the initialization of a revised joint venture agreement with Inalfa Roof Systems Group B.V. for their sunroof systems business. Under the new structure, Inalfa will hold a 35% stake in Inalfa Gabriel Sunroof Systems Private Limited (IGSSPL), while Gabriel India will retain 65% ownership and majority control.
The revision follows the rejection of an earlier proposal by the Ministry of Heavy Industries on August 14, 2024. The initial joint venture agreement, approved in May 2023, had proposed a 51:49 shareholding split in favor of Inalfa. The application for PN3 approval, which was filed by Inalfa, was denied by the government.
Gabriel India currently holds 100% equity in IGSSPL, directly and through nominee shareholders. Following the proposed transaction, subject to requisite corporate and regulatory approvals, Gabriel India’s ownership will reduce to 65%. The company has stated it will not make any additional investment at this stage.
The board also approved the execution of several related agreements. These include an amended Technical Collaboration and Alliance Agreement with Inalfa for technological support and assistance, an addendum to the Corporate Service Agreement with Anand Automotive Private Limited for operational and management support services, a Brand License Agreement granting IGSSPL exclusive rights to use Inalfa’s trademarks in India, and an Investment Agreement for Inalfa’s proposed acquisition of the minority stake.
The revised joint venture agreement will be initialed by authorized company officials but will only be executed after receiving necessary regulatory approvals, including PN3 approval. The company has stated that further disclosures will be made in accordance with SEBI listing regulations upon execution of the agreements.