Minda Industries merges four subsidiaries to bolster growth
UNO Minda Group believes that the merger would lead to a strong growth of the company.
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.
RELATED ARTICLES
Uniproducts India targets 15% growth till FY2027, eyes new EV OEMs for NVH parts
The Noida-headquartered company, which is a leading manufacturer of roof liners, floor carpets, sound insulation materia...
Ford to build more EV software capability at Chennai tech hub
Ford Business Solutions India, which currently employs 12,000 personnel set to add 3,000 more; Ford, which is known to b...
ASK Automotive to set up JV with Aisin to sell aftermarket parts for cars
Ask Automotive will have 51% of the equity of the joint venture to be set up with Aisin Asia (Thailand) Company and Aisi...