The Rs 416-crore auto component manufacturer RSB group has acquired the Detroit-based Miller Brothers Manufacturing Inc, a manufacturer of transmissions for trucks and heavy vehicles. The acquisition, made at an enterprise valuation of $30 million, gives the Indian entity’s transmission manufacturing facilities a toehold in the US market.

RK Behera, founder-chairman, RSB Group, said the acquisition has been done by a SPV. “We have acquired a profit-making company because the owners, the Miller brothers, were looking to exit. They had been looking for a buyer for the business. For us, this gets us into the speciality transmission components, a customer base and access to technology,” Mr Behera said.

Earlier, the RSB Group had announced that it had received Rs 34 crore as private equity funding from the International Finance Corporation (IFC), mainly for acquisitions overseas. However, Mr Behera clarified that they have not used this funding.