The Board of Directors of Harita Seating Systems (HSSL) and Minda Industries (MIL) at their respective meetings held today, approved the merger of HSSL with MIL through a Composite Scheme of Arrangement.

H Lakshmanan, chairman of HSSL said: “The merger of HSSL with MIL will generate additional value for our shareholders by providing access to diversified product mix so as to deliver significant near- and long-term growth. Thus, the decision today to join forces with the Minda Group, positions the business better than most to share in this huge growth opportunity, especially, as these are truly very interesting times."

He further added, "I am confident, the merger, will offer immense opportunity to broaden the portfolios and invest in products that are most relevant to customers. It will help to leverage the collective heritage, innovation, track record, combined products and capabilities to meet and exceed the automotive sector and the customers' evolving needs. MIL will be the right partner to widen the customer base, bolster R&D capabilities and overall ensure future growth of the business. We are confident that the merger with MIL will thus, be ideal in supporting collective growth aspirations and making the business truly future ready. Thus, the merger will help to closely collaborate with the customers, partners and all other stakeholders of the MIL Group to ensure a win-win situation for all.”

The Boards of both the Companies have approved the exchange ratios based on the recommendations of the joint valuation report by independent valuers.

Minda industries recently posted a profit of 31 percent and a revenue of Rs 1,470 crore in Q3 FY2019. Minda Industries has recently collaborated with KPIT Engineering to collaborate for telematics products