Auto parts makers chase Motherson’s playbook to go global

Tata AutoComp has acquired companies in Europe and Latin America, while Sona Comstar has entered China with a partnership, targeting its electric vehicle market. Anand Group bought a Swiss firm, while Minda Corp has struck joint ventures in Taiwan, China and Japan.

This follows co-founder Vivek Chaand Sehgal’s Motherson’s approach, which has built presence across more than 40 countries through acquisitions and joint ventures. Its revenue has also more than doubled from $10 billion in FY2020 to $25 billion in FY25, making it the country’s largest component player.

These companies are scouting for global opportunities in their core areas of forgings, castings, interiors, and electronics, according to Harshvardhan Sharma, group head for auto tech and innovation at Nomura Research Institute. “The difference is that while Motherson has pursued acquisitions as a core strategic pillar for decades, for many others this is now becoming a more active lever, especially as organic growth in developed markets remains limited.”

India’s auto component industry grew by 9.6% in the financial year 2025, with total revenue at ₹6.73 trillion. Although growth has been healthy, the sector faces high tariffs in the US. According to industry data, exports to North America, the largest market after Europe, constituted nearly a third of the $22 billion exports last fiscal.

The companies are now deploying cash strategically to enter new geographies, strengthen local play in the US, Europe, Asia and Latin America and increase non-auto related revenue.

Deals, JVs across continents

Tata AutoComp acquired UK-based Artifex Interior Systems in March for ₹827 crore, while it inked a joint venture in Mexico with Katcon Global. In August, the company also acquired Slovakia’s IAC group in a bid to strengthen its international business.

“Following our earlier acquisition of Artifex, this step strengthens our European presence and reflects our commitment to serving global OEMs (original equipment makers) more effectively,” Arvind Goel, vice-chairman at Tata AutoComp, said in a statement after the deal. “This move supports our vision to be a trusted and value-driven partner in the global automotive supply chain.”

Meeting analysts last week, Minda Corp leadership told investors that it wants to increase its revenue by more than three times by 2030.

“Minda is building adjacencies via global partnerships—sunroofs with HCMF Taiwan, switches with Toyodenso Japan, and EV components with SANCO China, thus strengthening its right-to-win in premiumization/electrification trends,” analysts at Emkay Global wrote in a 24 September note.

Anand Group’s subsidiaries ANEVOLVE Pvt Ltd and Asia Investments UK Pvt Ltd acquired a majority stake in a Swiss firm APAG Holding, an auto electronics firm. The automotive company is targeting to increase its revenue from around ₹19,000 crore to ₹50,000 crore by 2030.

In July, Sona Comstar entered the Chinese market through a joint venture with Jinnaite Machinery Co. as part of its ‘look east’ approach to counter tariffs in its largest market of North America, which contributed over 40% of ₹3,555 crore revenue in 2025.

“This joint venture marks a significant step in our strategy to expand into the rapidly growing Asian markets,” Vivek Vikram Singh, managing director and chief executive officer of Sona Comstar, said in a statement after inking the joint venture. “As the largest electric vehicle market in the world and a leader in EV technologies, China offers tremendous opportunities for innovation and growth.”

Mint’s queries emailed to Tata AutoComp, Sona Comstar, Minda and Anand Group remained unanswered.

An industry executive working with a large auto component manufacturer said Indian rivals have noted Motherson’s success in acquiring then maintaining the health of businesses across the world.

“It is a very challenging task they have managed to achieve. Although it is difficult to match their scale, leaders at companies are also making their own international play to replicate some success,” the executive said on the condition of anonymity.

Natarajan Sankar, managing director and partner at BCG, says that the international strategy of Indian component players should take into account building local presence closer to customers

“One of the key areas highlighted by global customers for improvement and hence an opportunity is building a local presence—that could be in terms of local supply chain, warehouses; on-site engineering, sales and service support.”

Moreover, Sankar highlights that companies are also looking at strategic acquisitions globally. “For players in the component space, there are viable options of buying global assets and using the technology to grow into new spaces while localizing the manufacturing to India to be more competitive.”