Minda Industries - Announces Fresh Round Of Capex, Investment Spends: ICICI Direct
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ICICI Direct Report
Minda Industries Ltd. is India’s largest maker of automotive switches, horns, seats and passenger vehicle alloy wheels and third largest automotive lighting player.
The company announced fresh capex in alloy wheel space, equity investment in FRIWO AG, formation of joint venture with FRIWO AG for electric vehicle components.
Minda Industries guided for:
expansion in alloy wheel capacity across the two-wheeler and four-wheeler segments at a capex outlay of ~Rs 264 crore;
formation of joint venture (50.1% stake) with FRIWO AG for electric vehicle components for two-wheeler, three-wheeler with initial investment commitment of ~ Rs 71 crore (over the next three years);
equity investment in FRIWO AG through fresh issuance of shares for a total value of €15 million (~Rs 130 crore) subject to regulatory approvals.
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