Domestic component major, Spark Minda, Ashok Minda Group has announced that the Board of Directors of Minda Corporation have discussed and approved the audit committees report on amalgamation of domestic Indian wholly owned subsidiary companies.

As per the decision the amalgamation will see Minda SAI, Minda Management Services, Minda Automotive Solutions, Minda Autoelektrik and Minda Telematics and Electric Mobility Solutions (Formerly known as EI Labs India) into and with Minda Corporation.

The company says that the amalgamation of the transferor companies into and with the transferee company (Minda Corporation) shall result in consolidation of the businesses. It expects this to be  beneficial to the interests of the shareholders, creditors and employees, and as such amalgamation would create greater synergies among the businesses of all such companies and would enable them to have access to better financial resources, as well as increase the managerial efficiencies.