Minda Corporation board approves agreement with Ride Vision, Israel; stock gains 1.5%

The agreement is for manufacturing and selling of a customized version Rider Assistance System with Collision Aversion Technology for powered two and three-wheelers for the Indian market.

Apr 08, 2021 09:04 IST India Infoline News Service

Minda Corporation Limited has entered into a Technology License and Technical Assistance Agreement dated March 29, 2021, with Ride Vision Ltd., Israel (“Licensor”) for manufacturing and selling of a customized version (Ride Vision A1s) - Rider Assistance System with (but not limited to) CAT - Collision Aversion Technology for powered two and three-wheelers for the Indian market.

The Board of Directors of the company has approved the said agreement through a resolution passed by Circulation on April 07, 2021.

“Ride Vision and Spark Minda will work to localize the manufacturing of Ride Vision’s (dedicated Ride Vision product for the Indian market),” company said.

“NRE /development/ technical support fees and License fee is payable by the Licensee to the Licensor,” company added.

At around 9.40 am, Minda Corporation Ltd was trading at Rs102.15 per piece up by Rs1.5 or 1.49% from its previous closing of Rs100.65 per piece on the BSE.

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