Minda Industries targets 3-4X revenue in next 5-6 years from FRIWO JV

Auto components maker Minda Industries Ltd (MIL) on Friday said it has entered into a joint venture agreement with FRIWO AG Germany to manufacture and supply various electric vehicle components in the Indian subcontinent with a planned capex of Rs 390 crore in the next six years.

MIL, the flagship firm of Uno Minda Group, will hold a majority stake of 50.1 percent, with the rest held by FRIWO AG Germany -- a global manufacturer of innovative power supply units and e-drive solutions, the company said in a regulatory filing.

Sunil Bohra, Group CFO of Minda Industries said, “Based on our internal assessment based on which the board has approved the investment of Rs 390 crore we are looking at minimum of 3x-4x of revenue in next 5-6 years.”