Minda Corp. acquires majority stake in its Japanese subsidiary

Mumbai: Minda Corp. Ltd has purchased 2% equity from its Japanese joint venture partner Furukawa Group to increase its holding to 51% in Minda Furukawa Electric Pvt. Ltd (MFE), it said in a notification to the stock exchanges.
It did not disclose the amount it paid to acquire the stake.
Noida-based Minda is a supplier of electronic and mechanical security systems for two-wheeler, three-wheeler and off road vehicles to original equipment manufacturer and exports about 20% of its products to the US, the UK, Europe, South East Asia and ASEAN countries.
Minda Corp. has 12 joint venture companies, of which Minda Furukawa Electric develops and produces the entire range of wiring harnesses for four-wheelers and components related to wiring harness.
Minda Corp. gained 1.9% to end at Rs.540, while the CNX Nifty rose 0.07% to close at 7,964.80 points.