Minda Industries’ (MIL) flagship company UNO Minda Group has approved the merger of four of its wholly owned subsidiaries: Minda Rinder, Minda Distribution, Minda Auto Components and MJ Castings.
Subject to necessary statutory and regulatory approvals including the approval of the jurisdictional 'National Company Law Tribunals', the estimated implementation time-frame is expected by the end of the financial year. According to Minda Industries, the merger is to create a stronger standalone entity to pursue the next leg of growth. The merger is expected to drive a lot of operational, strategic synergies and create value for all stakeholders.
Minda Industrie reported its FY2019 results with consolidated revenue being Rs 5,908 crore, a growth of 32 percent YoY. The company says these margins have been achieved on the back of lower RMC on consolidated basis and higher capacity utilisation in new businesses like MKA, MRPL, Rinder and recovery at Clarton Horn.
Also read: Minda Industries Q4 FY2019 profit at Rs 74 crore