Grimeca is an advanced service company involved in designing and developing new braking products for motorcycle and light-vehicles, including ‘co-design' with OEM customers. Grimeca has been a technology provider for braking solutions to the Company since 2015. This strategic acquisition aims to strengthen technological prowess of the Company in the area of braking systems.

The acquisition has been completed for a consideration of Euro 2.25 million, which includes Euro 0.9 million for the 100% stake in Grimeca and Euro 1.35 million for technical know-how and intellectual property rights of braking systems and chassis components, and the “G Grimeca” brand. This acquisition is expected to provide impetus to the growth opportunities for the Company's braking business in India, both for domestic and export markets.