Minda Corporation has entered into definitive agreements with its joint venture partner, Furukawa Group of Japan, for change in equity structure of Minda Furukawa Electric (JVCO). As per the proposed realignment, the equity stake of joint-venture partner in the JVCO will change from 49% to 75% and stake of Minda Corporation will change from existing 51% to 25%.
The change in equity structure will be through a mix of sale of shares of JVCO by Minda Corporation and additional equity infusion into JVCO by Furukawa Group of Japan. The Joint Venture between Minda Corporation and Furukawa Group, Japan shall continue, with Minda Corporation continuing to hold a significant 25% equity stake.
Minda Corporation is a diversified company with a product portfolio encompassing from Mechanical & Electronic Security System, Electronic Controllers for Electric Vehicles and for Auto OEM’s across the Globe. It also manufactures Die Casting Parts for auto and consumer durable industry.