Minda Industries has received an approval for hiving off its blow moulding divisions located at Bangalore in Karnataka and at Bawal in Haryana. The company received the approval at its board meeting held on July 15, 2011.
Recently, Minda Industries had sold its entire shareholding held in Minda Realty & Infrastructure. Consequently, Minda Realty & Infrastructure is no more a subsidiary of the company. Further, the company had announced the conversion of 1,83,500 3% cumulative compulsorily convertible preference shares into 18,35,000 equity shares.
Minda Industries, the flagship company of Minda Group, is engaged in the business of manufacturing switches and batteries for 2/3 wheelers and off-road vehicles. It commands more than 70% market share in the 2/3 wheeler segment in India.
