Minda Industries Ltd (MIL), the flagship firm of the UNO MINDA Group, on June 29 said it has acquired a 5.24 percent stake in FRIWO AG, Germany, by investing 14.99 million euros.
Minda Industries is engaged in the business of manufacturing automotive switches and other components for 2- and 3-wheelers and off-road vehicles. The company has recently strengthened its presence in the electric vehicles sector.
"We wish to inform that today, the company, Minda Industries Ltd. has acquired 4,48,162 equity shares i.e. 5.24% stake in FRIWO AG, Germany, by investing Euro 14.99 million," the company said in an exchange filing.
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The investment has been made in the aforesaid company, after obtaining the requisite approvals, including Reserve Bank of India (RBI) under the Overseas Direct Investment guidelines, it added.
FRIWO AG is a public listed company, having its principal place of business in Ostbevern, Germany.
The company, incorporated in 1967, is engaged in the business of designing, developing, manufacturing, inter alia, power supply, chargers, motor control units, and other products for various sectors and geographies.
Shares of Minda Industries ended at Rs 943.25, up by Rs 15.40, or 1.66 percent on the BSE.
