Wilbur Ross firm IAC snaps up India's Multivac

Multivac is a supplier of automotive interior systems and components to leading players like Volkswagen, Maruti Suzuki and Volvo.

"This acquisition underscores IAC leadership's commitment to selectively expand its global footprint to take advantage of growing vehicle demand in emerging markets such as India," IAC Group Chairman Wilbur Ross said in a statement.

However, financial details were not disclosed.In 2008, IAC established its first manufacturing and engineering operations in Pune. It is also constructing another plant in nearby Chakan.

IAC North America and Asia's President and CEO James Kamsickas said the buyout would extend its footprint into the growing north India automotive region.According to the statement, Multivac's manufacturing operations employs about 135 production and engineering personnel.

IAC Group, which supplies vehicle interior components and systems, had made two acquisition worldwide in 2010.A well-respected investor, Wilbur Ross sold 30 per cent stake in India's budget airlines Spice Jet for about USD 127 million in late last year