The Board of Minda Industries
(MIL) has approved the acquisition of Magnetic Speed & Position Sensors (Cam, Crank, & TISS sensor products) business from Sensata Technologies, i.e., business transfer of CAM, Crank, & TISS sensors, sharing of know-how, technical support, and engineering support for 5 years.
The project cost would be Rs32.97cr, as per BSE filing.
Shares of Minda Industries Ltd is currently trading at Rs325 up by Rs2 or 0.62% from its previous closing of Rs323 on the BSE.
The scrip opened at Rs324 and has touched a high and low of Rs325.50 and Rs323.50 respectively.
MIL is a leader in automotive switches and leading player in horns and lighting, serving majorly to the OEMs (90% of revenue in Q2FY19). MIL’s revenue contribution from segments in Q2FY19 was – switches (31%), lighting (27%), acoustics (15%) and others (26%). It enjoys ~65% and 50% market share in switches and acoustics segment respectively in India.