IPO-bound Belrise Industries — one of India’s leading automotive component manufacturers — has acquired H-One India from its Japanese parent, H-One Co. The Belrise and H-One acquisition deal will help the company to increase its technological depth, expand its customer base and consolidate its presence in the high-growth Indian and global automotive markets.
Belrise and H-One Deal: A Pre-IPO Leap
Belrise, which has recently received approval from SEBI for its INR 2,150 crore public offer, is capitalizing on its pre-listing momentum with this acquisition. Belrise IPO will be a fresh issue, no OFS (offer for sale) component, which means the company is looking to fuel future growth rather than promoter exits. The proceeds from the IPO will be used for debt repayment and general corporate purposes, which is critical given its debt of INR 2,167.2 crore as of 30 September 2024.
The acquisition of H-One India, a subsidiary of Tokyo-listed H-One Co. is a big milestone for Belrise as it accelerates its roadmap to become a top-tier full-system automotive component provider in India and beyond.
Belrise Industries – Overview
Belrise was founded in 1996, It is a big manufacturer of safety-critical systems and precision engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agricultural vehicles. The company has a 24% market share in two-wheeler metal components and has 15 manufacturing plants in India. For the fiscal year ended 31 March 2024, Belrise reported revenue from operations of INR 7,484.2 crore.
The acquisition of H-One India will further strengthen these capabilities. H-One India is into the design and production of high tensile steel components and tooling systems for two-wheelers and four-wheelers. These high-strength, lightweight materials are critical for the next generation of vehicles, enabling better fuel efficiency, safety and compliance with increasingly stringent environmental norms.
By integrating H-One India’s high tensile technology, Belrise will become a trusted partner to Original Equipment Manufacturers (OEMs), including leading Indian and Japanese auto brands that are already part of H-One India’s customer base.
Manufacturing Footprint
The acquisition includes two of H-One India’s manufacturing facilities in North India. This will not only increase Belrise’s production capacity but also its logistical efficiency, critical in an industry where time-sensitive supply chains and scalability are key.
As the automotive industry moves towards modular platforms and lightweight construction, the ability to deliver precision components at scale will be a key differentiator. With this acquisition, Belrise gets a strategic location advantage and technology.
The transaction was advised by X-B4 Advisory and legal by Desai & Diwanji, highlighting the structured and strategic nature of the deal as Belrise gets ready to list.
The Road Ahead
Belrise’s IPO is backed by a consortium of reputed lead managers, including Axis Capital, HSBC Securities and Capital Markets (India), Jefferies India, and SBI Capital Markets, with Link Intime India acting as registrar.
With the IPO proceeds earmarked for financial consolidation and growth capital, and the acquisition of H-One India now completed, Belrise Industries is positioning itself at the intersection of operational strength, technological innovation, and capital market readiness. This move not only reinforces Belrise’s leadership in the two-wheeler segment but also opens new doors in the four-wheeler and electric mobility ecosystems.
As India continues to evolve as a global automotive manufacturing hub, companies like Belrise — rooted in domestic engineering yet aspiring for global relevance — represent the next wave of industrial transformation.
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