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Auto component manufacturer Varroc Engineering Ltd has entered into an agreement to acquire 74 per cent stake in the Pune-based connected vehicle solution provider CarIQ Technologies. The financial terms of the deal were not immediately disclosed.
This transaction will complement Varroc’s connected vehicle product offerings such as instrument clusters, telematic devices and other data based analytical products.
“Varroc’s direction, even in a softer market, is to drive growth by leveraging automotive trends that will remain constant, trends like the desire to be greener, safer, smarter and more connected. We see our collaboration with CarIQ and the capabilities we will build together and share as a crucial part of both our current and future product strategy,” Arjun Jain, President, Electrical & Electronics business at Varroc said.
CarIQ is an Indian tech start-up for connected mobility.
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