M&A

M&A

Minda Corp buys out Stoneridge's 49% in JV for Rs.161-Cr; readies $100-M for more acquisitions

BSE Disclosure   Economic Times  

Gurugram-based, publicly listed Minda Corp, a part of Ashok Minda's Spark Minda Group, has bought partner Stoneridge's 49% stake for INR 161.09 crore in the Minda-Stoneridge joint venture to take full control of the automotive instrument cluster and sensors business. The company is also actively scouting for acquisitions in the sensors and electronics space to increase its product offerings. Minda Corp has lined up over USD 100 million (about INR 750 crore) investment in the coming three years aiming to transform into a supplier of entire systems as opposed to just a few parts to automakers. The group has already entered into a joint venture in 2021 with a South Korean company, Infac, in the auto electronic space of antennas. It has also formed an alliance with Israeli company Ride Vision to offer collision-avoidance technology.