Japan’s Koito Manufacturing Co Ltd is acquiring 29.9 per cent stake from its partner Lucas-TVS group in India Japan Lighting Pvt Ltd (IJL) for Rs 148.5 crore. In another development, PeopleStrong announced that it has acquired SaaS performance management company Qilo.
Koito to buy partner’s stake in lighting JV
Japanese automotive lighting equipment maker Koito Manufacturing Co Ltd is acquiring 29.9 per cent stake from its partner Lucas-TVS group in India Japan Lighting Pvt Ltd (IJL) for Rs 148.5 crore.
IJL was established in 1997 to manufacture and sell automotive lighting equipment. Koito holds 70.1 per cent in IJL while the remaining 29.9 per cent is held by Lucas-TVS group.
“In India, where the automotive market is expected to grow over the long-term, it would be necessary for the Koito Group and IJL to accelerate its decision-making,” Koito said in a statement.
“Furthermore, as swift decision-making contributes to the growth of IJL’s profitability and to the mid- and long-term growth of the Koito Group, Koito has decided to acquire all of the shares of IJL owned by the L-TVS Group, and make IJL a wholly-owned subsidiary. The Koito Group has also decided to increase IJL’s capital to strengthen its financial base,” it added.
PeopleStrong acquires Qilo
HR tech company PeopleStrong announced on Monday that it has acquired SaaS performance management company Qilo in a bid to strengthen its workforce and talent management offerings.
With this acquisition, PeopleStrong’s already comprehensive HR Technology suite, which currently serves 300+ enterprises across Asia, through its talent acquisition, workforce management, and talent management offering, will get further strengthened, it said in a statement.
Qilo was co-founded by Arun Verma, Vikram Kohli, and Vipul Mathur in July 2015. It caters to brands across industries, including Steel1, SmartWorks, Chumbak, and Cardekho.