Furukawa to increase stake in autocomp JV with Minda Corp to 83% via new shares

Noida-based Minda Corporation’s stake in Furukawa Minda Electric Pvt Ltd , a joint venture with Japan's Furukawa Electric group , has been reduced to 17.54% from 25% through a share subscription agreement with its partner.The Japanese entities have agreed to subscribe to 5 crore new equity shares of INR 10 each of Furukawa Minda Electric Pvt Ltd (joint venture), and upon completion of subscription and allotment of the new shares, the shareholding of FEC entities will increase to 82.46% from 75%.The JV was set up in 2007 for manufacturing and sales of wiring harness and other automotive components to Japanese automotive makers located in India.