Uno Minda Ltd, formerly Minda Industries Ltd, on Wednesday said its board has approved the acquisition of the remaining 22.6 percent stake in Minda Kosei Aluminum Wheel Private Ltd (MKA) from Kosei International Trade and Investment Company Ltd (KITI) for Rs 115.50 crore.
"Board approved the purchase of 22.65 percent stake of MKA, (22.64 percent stake from its existing shareholder KITI comprising of 56514000 equity share of face value Rs 10 each and 0.01 percent stake from MINV comprising of 4,900 equity share of face value Rs 10 each) for a total consideration upto Rs 116 crore," the company said in an exchange filing.
Post-acquisition, MKA will become a wholly-owned subsidiary of the company. The transaction is expected to be completed on or before March 31, 2023, the company said.
MKA is a joint venture company between Uno Minda Group and KITI in a ratio of 77.35:22.64 respectively. Investment in Minda Kosei by Uno Minda Group is held at 77.35 percent by Uno Minda Ltd and 0.01 percent by Minda Investments Ltd (MINV).
MKA is engaged in the development, manufacturing, and sales of aluminum alloy wheels for major car OEMs and aftermarkets in India.
(Edited by : Pradeep John)
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