Belrise Industries Buys Hyva India Tipper Body Unit for $5.65 Million

Belrise Industries has agreed to buy Hyva India's tipper body business from Hyva (India) Pvt. Ltd., a subsidiary of JOST Werke SE, for about $5.65 million, adding manufacturing capacity across three Indian cities.

The transaction, disclosed on August 4, is structured as a slump sale. The acquired business includes plants in Pune, Jamshedpur and Bengaluru, according to published coverage. Belrise said the deal broadens its position in tipper body manufacturing, a segment tied to construction, mining, defence and infrastructure demand.

The business supplies India's five largest commercial-vehicle original equipment manufacturers and brings a European commercial-vehicle OEM into Belrise's customer base, reports said. Belrise said the acquisition strengthens its position as a tier-0.5 supplier, indicating closer integration with vehicle manufacturers than a conventional component vendor.

Reports valued the deal at about $5.65 million. The rupee figure is less clear. Some reports put the consideration at roughly ₹48 crore, while others cited about ₹543.88 million, or roughly ₹54.4 crore. The underlying company filing was not available in the material reviewed, so the exact rupee consideration could not be independently confirmed.

The carved-out business generated about $1.57 million in EBITDA in calendar 2025 and delivered return on average capital employed of around 20%, according to coverage of the deal. On those figures, the acquisition implies an EV-to-EBITDA multiple of about 3.6 times. The available reporting does not include a full valuation bridge or audited financial detail for the business being sold.

JOST announced its broader acquisition of Hyva in October 2024 for $398 million, or about 362 million euros at the time, as part of its expansion in on- and off-highway commercial-vehicle systems. Belrise is buying a specific India business from that larger group, rather than acquiring assets directly from the pre-JOST Hyva structure.

The deal gives Belrise manufacturing assets in key industrial hubs, a wider commercial-vehicle product set and deeper exposure to heavy-equipment and truck demand. It fits the company's pattern of expanding beyond its base in auto components into adjacent engineering businesses.

The reported economics should be read with caution until fuller documents are available. The dollar value is consistent across reports, but the rupee equivalent and some operating details remain based on secondary coverage rather than a primary filing in the reviewed material.