Minda Industries has received an approval for hiving off of the running business of Battery Division of the company, located at Pant Nagar in state of Uttrakhand to a prospective joint venture (JV) between Minda Industries and Panasonic Corporation, subject to requisite approvals. The board of directors at their meeting held on November 11, 2014 has approved for the same.
Last month, the company had signed a Joint Venture Agreement (JVA) with Panasonic Corporation, Japan to manufacture and supply lead acid storage batteries for two wheelers, four wheelers and for other industrial batteries.
Minda is the third-largest company in the local auto-lighting business, with 18 per cent market share.
