Hyva’s focus to remain on hydraulic systems, tipping technologies, and digital tipping solutions
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.
Shrikant Badve, Managing Director, Belrise Industries Limited said: “We are excited about the opportunity to welcome Hyva’s India Tipper Body Business into the Belrise family. The business has built a strong reputation in the Indian commercial vehicle market. It is an excellent strategic fit for Belrise and complements our manufacturing and engineering strengths. We look forward to investing in its future growth, while ensuring continuity for customers, employ-ees, suppliers and business partners throughout the transition process together with JOST.”
Alex Tan, CEO APAC at JOST said: “This transaction is an important step in aligning our business with JOST’s and Hyva’s long-term strategic priorities. We will focus on further strengthening our position in hydraulic systems, tipping cylinder technologies and digital tipping systems for the commercial vehicle industry.”
Jeffrey Zuidgeest, Managing Director at Hyva India added: “Hyva has earned the trust of customers across the country through quality products, innovation and dedicated customer support. Hyva’s commitment to the Indian market remains unchanged and we will continue to expand our business with Tipping Kits and Hydraulic Systems to better serve our broad range of customers. With Belrise, we found an excellent owner for Tipper Body Business and we are working closely together to ensure a smooth transition.”
