The Board of Minda Industries at its meeting held on 07 February 2022 has approved acquisition of stake in Auto Component (partnership firm).
Auto Component, is a partnership firm, between Minda Industries (MIL) (holds 48.90%), Nirmal K. Minda (holds 20.55%), Pallak Minda (holds 25.55%) and Sanjeev Garg (holds 5.00%). It is engaged in manufacturing of Auto lights, i.e. Head /tail lamps.
The Board approved the further investment upto Rs. 3.63 crore in Auto Component for acquisition of 20.55 % stake from Nirmal K. Minda and 25.55% stake from Pallak Minda. Post this acquisitions, MIL stake in Auto Component, will be increased from 48.90% to 95%.
The transaction is expected to be completed on or before 31 March 2022.
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