Anand Group's ANEVOLVE to acquire majority stake in Swiss auto firm APAG

Anand Group’s cleantech company ANEVOLVE and promoter Jaisal Singh’s overseas investment firm Asia Investments UK Pvt Ltd will acquire a majority stake in APAG Holding AG (APAG) after over a year of discussions and negotiations.

APAG is a Switzerland-based automotive electronics manufacturer, with a specific focus on electronic control units (ECUs) and ambient lighting.

The financial details of the deal were not disclosed.

Given the relatively subdued global markets and relatively low margins, APAG would require some capital investments, said ANEVOLVE, which focuses on designing and manufacturing sustainable technologies for mobility and adjacent industries.

“The transaction involves a primary capital infusion into APAG, with the intent that the subscribers will initially hold 63% of APAG’s equity and increase their stake to 100% by FY 2029-30. This, along with Asia Investments UK, marks a pivotal step in ANEVOLVE’s global growth strategy,” the company said in a statement.

Jaisal Singh, chairman of Asia Investments UK, as well as the founder chairman of ANEVOLVE, said APAG's capabilities, especially in ECUs and ambient lighting, along with its strong global customer base, will significantly enhance ANEVOLVE's technological edge and growth in the automotive electronics space.

APAG, headquartered in Switzerland, operates in the Czech Republic, Germany, Canada, the United States, and India. It is a leading supplier to the European and global automotive industry, serving major OEMs and Tier-1 suppliers. For the financial year ending March 31, 2025, APAG reported a turnover of approximately $93 million, underscoring its robust market position.

"ANEVOLVE's investment allows the company to renew customer confidence in its financial stability and build on its pedigree of operational excellence. Becoming a part of the larger ANAND Group gives us access to a proven model of governance and an ability for APAG to return to a path of growth,” said Anand Kanoria, Delegate of the Board and CEO.

The deal comes days after the board of Gabriel India , the flagship company of the $2.2-billion Anand Group, approved a scheme of arrangement aimed at consolidating the group’s businesses under the listed entity. Shock absorber maker Gabriel India is on an expansion mode. It entered into a joint venture with Dutch sunroof maker Inalfa Roof Systems in 2023. Earlier this year, Gabriel strengthened its position in the suspensions market with the strategic acquisition of assets of Marelli Motherson Auto Suspension Parts, a Pune-based joint venture between Marelli Europe and Motherson International. The move is expected to give Gabriel an additional production capacity of 3.2 million shock absorbers and 1 million gas spring units, a new product line that has long been part of the firm’s strategic vision.