Minda Industries has received its board’s approval for additional investment in MJ Casting (a joint venture company). The company is planning to buy 2.80 crore equity shares with a face value Rs 10 each from Neel Metal Products at Rs 5 a share for a total consideration of Rs 14.04 crore. Post-transaction, the total equity shareholding of the company in MJ Casting will go up from 50 per cent to 98 per cent.
Minda Industries is engaged in the business of manufacturing switches and batteries for 2/3 wheelers and off-road vehicles.
