Minda Corporation Ltd, Spark Mind’s flagship company has received a significant order to manufacture smart key systems from a leading two-wheeler original equipment manufacturer (OEM) in India.
The company announced collaboration with a Japanese firm to manufacture these smart vehicle access systems on February 12. However, the company did not reveal the name of the global Japanese player with which it has formed a strategic alliance. Spark Minda’s Pune facility will manufacture the products, according to a stock exchange filing.
The first phase of the collaboration focuses on manufacturing and emphasises Spark Minda’s commitment to providing tailored solutions backed by advanced technology to improve user experience and comfort. This partnership will bolster the business’s leading position as an innovative organisation in the vehicle access sector, in line with customers’ increasing demands for high-end products. The exchanges were notified by Minda Corporation, as per CNBC.
“This important partnership and significant order win underlines our commitment towards Make in India and become a global leader in the space of vehicle access solutions. We will continue to push the boundaries further to grow our product and technology offerings,” the company’s executive director Aakash Minda, said as quoted by The Financial Express.
Minda Corporation Ltd sold 15.07 per cent of its stake in Pricol Ltd for approximately Rs 631 crore in an open market transaction last month. As a result of the deal, Minda Corporation’s ownership position in the business has dropped from 15.70 per cent at the end of the December quarter to 0.63 per cent. At a price of Rs 209 per share in February 2023, Minda Corp paid Rs 400 crore for 1.91 crore shares, or 15.7 percent of Pricol’s total equity.
Minda Corp clarified that their investment in Pricol was purely financial; giving them no special rights beyond those of a typical shareholder, in what was initially interpreted as a takeover attempt. Shares of Minda Corp were down 0.76 per cent at Rs 396.55 a share on the Bombay Stock Exchange (BSE) at 11:09 AM, CNBC adds.
Minda Corporation is a leading automotive component manufacturer in India, with a presence across the country and a significant international footprint. The company was established in 1985. Minda Corporation is the flagship company of Spark Minda, which was previously known as the Minda Group.
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