Belrise Industries has announced the acquisition of the Tipper Body Business of Hyva India Private Limited, a subsidiary of JOST Werke SE, for a total purchase consideration of approximately $5.65 million, at an EV/EBITDA multiple of approximately 3.60x. The acquisition marks a strategic step in strengthening Belrise’s position as a Tier-0.5 supplier within the commercial vehicle ecosystem.
Hyva India’s Tipper Body Business specialises in the manufacture of tipping solutions for construction, mining, and infrastructure applications, and serves all of India’s top five commercial vehicle OEMs. The business delivered an EBITDA of approximately $1.57 million for CY2025, with a return on average capital employed of around 20%. It operates three manufacturing facilities in Pune, Jamshedpur, and Bangalore.
The acquisition expands Belrise’s customer portfolio by adding a key European commercial vehicle OEM and strengthens its domestic manufacturing footprint. It aligns with the company’s long-term strategy of expanding capabilities in the commercial vehicle segment and deepening its presence in high-growth sectors such as construction, mining, defence, and infrastructure.
Mr. Swastid Badve, General Manager of Belrise Industries, said the acquisition is a strong strategic fit that complements the company’s manufacturing and engineering strengths, enhances its position in the commercial vehicle value chain, and supports its vision of becoming a diversified, global mobility solutions provider. He added that Belrise is committed to ensuring a seamless transition for customers, employees, suppliers, and business partners.