Gabriel India Limited clarified on September 1, 2026, that the valuation for its proposed acquisition of a 28.99% stake in HL Mando Anand India Private Limited (HMAI) relies on audited financial statements for the fiscal year ended March 31, 2026.

The disclosure, made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirms that there is no change in the equity share exchange ratio or the terms of the proposed acquisition and preferential issue.

Transaction Structure

The company plans to acquire 4,81,34,427 equity shares of HMAI from Asia Investments Private Limited (AIPL), the promoter of Gabriel India. The consideration will be discharged through two components:

• Allotment of 1,44,04,204 equity shares of Gabriel India on a preferential basis
• Payment of the balance consideration in cash

Valuation Basis

The valuation underpinning the transaction is based on the audited financial statements for FY26. This includes the business of erstwhile Anchemco India Private Limited, which forms part of the Automotive Undertaking of AIPL.

A joint valuation report dated July 21, 2026, was issued by KPMG Valuation Services LLP and BDO Valuation Advisory LLP. The clarification states that the terms approved by the Board of Directors and Members remain unchanged.

Gabriel India has executed a joint venture agreement to acquire a 30% minus one equity share stake in HL Klemove India Private Limited for $98.44 million (approximately ₹935 crore). The transaction involves the purchase of 37,844,999 equity shares from HL Klemove Corp., a South Korean company.

The deal was formalized through agreements signed on August 21, 2026, following preliminary disclosures made on July 21 and August 21, 2026. The purchase of shares is scheduled to be consummated on August 24, 2026, subject to mutual written agreement between the parties.

Transaction Details

Strategic Focus

Upon completion, HL Klemove India will become an associate company of Gabriel India. The partnership aims to expand Gabriel’s presence in high-growth automotive segments, specifically autonomous driving solutions including Advanced Driver Assistance Systems (ADAS) and automotive electronics.

Through this joint venture, Gabriel India will develop, manufacture, and sell advanced mobility solutions such as radar, front cameras, lidar, automated driving control units with embedded ADAS software, brake ECUs, steering ECUs, chassis control units, and torque sensors.

Management Commentary

Jaisal Singh, Vice Chairman of ANAND Group, stated that the joint venture represents a strategic step to build scale and broaden presence across high-growth automotive segments. Anjali Singh, Executive Chairperson of ANAND Group and Gabriel India, described the move as an inflection point for diversifying into future-oriented mobility technologies.

Mahendra K Goyal, Group CEO of ANAND and Managing Director of Gabriel India, noted that the collaboration would foster deeper OEM engagement and expand participation in future mobility solutions.

About HL Klemove

HL Klemove is a South Korea-headquartered autonomous driving and automotive electronics solutions company. It holds a leading position in Korea's autonomous driving market with over 2,700 patents. The company recorded approximately KRW 1.8 trillion in revenue in 2025. In India, HL Klemove India was the first to localize production of both ADAS radar and smart cameras.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mohit Srivastava, Chief Financial Officer, signed the intimation filed with the BSE and NSE on August 26, 2026.