Auto component maker Autoline Industries has informed that its Cyprus unit, Koderat has acquired 49% stake in two Italian firms named, SZ Design Srl and Zagato S.r.l for 9 million Euro.

The company has also entered into an agreement with Luxembourg-based Icon Development SA to increase its shareholding in the latter to 60%.

The company plans to raise debt to fund the acquisitions.

Pune-based Autoline Industries manufactures auto parts, sheet metal components, silencers, and exhaust systems for passenger cars, sports utility vehicles, commercial vehicles, two wheelers, three wheelers, and tractors. The company exports brake shoes as spares for Mercedes trailers to Germany, Singapore, the United Arab Emirates, and Saudi Arabia.