Board of Minda Industries approves investment of Rs 33.46 cr in Toyoda Gosei Minda

Also approves acquisition of 95% stake in Toyoda Gosei South India by Toyoda Gosei Minda

Apr 01, 2020 06:04 IST capital market

The Board of Minda Industries at its meeting held on 31 March 2020 has approved the following -

Toyoda Gosei Minda is a Joint Venture Company of Toyoda Gosei Co., Japan (holding 50.10% stake) and Minda Industries and its Associates (holding 49.90% stake). It is engaged in the manufacturing of Airbags, Steering Wheels with Airbags and Body Sealing for automobiles and is supplying its products to leading OEMs including Maruti Suzuki & Toyota Kirloskar.

The Board has approved further investment of Rs 33.46 crore in the equity shares of Toyoda Gosei Minda through rights issue.

The Board also reviewed the investment proposal of Toyoda Gosei Minda and accorded its consent for the acquisition of 95% stake of Toyoda Gosei South India Private by Toyoda Gosei Minda, based on the Valuation Report of an Independent Valuer.

Toyoda Gosei South India Private Limited is engaged in the manufacturing and sales of Interiors & exteriors plastic moulded components, functional components, safety systems to leading OEMs including Toyota Kirloskar. It has a manufacturing plant located near Bangalore (Karnataka).

The transaction is expected to be completed on or before September 2020.

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