Domestic component major Spark Minda, Ashok Minda Group is looking to make smart gains and has been working on a aggressive roadmap that calls for achieving improved efficiencies and growth through organic and inorganic routes.
The Tier 1 supplier today announced that the company's board has approved Technical Assistance Agreement (TAA) with South Korea-based Infac Elecs to manufacture automotive antenna systems.
The Korean company has gradually expanded its business to control cables, antennas, horns and actuators. In fact, the company also makes cell cases for electric and hybrid vehicles. In fact, on August 15, 1998 the company set up its first facility in India at Kanchipuram, Tamil Nadu, where it produces control cables, battery cables, ignition cables, feeder cables, and supplies them to Hyundai Motor India, Hyundai Mobis, Turkey, HAOS, GMI, and Volkswagen. Infac India expanded its plant in January 2012 to establish a production base for stable product supply.
Earlier last week, the company has announced to amalgamate five of its domestic subsidiaries — Minda Management Services, Minda SAI, Minda Automotive Solutions, Minda Autoelektrik and Minda Telematics & Electric Mobility Solutions into Minda Corp. The move will result in consolidation of its businesses and facilitate greater synergies, enabling them to have access to wider financial resources, increase managerial efficiencies, lower the cost structure and allow for higher transparency.