Minda Industries (MIL) has received an approval for acquiring 60% stake of MI Torica India (MI Torica), comprising of 54,00,000 equity shares of the face value of Rs 10 each from the shareholders including related parties at Rs 16.29 per share, based on the valuation report of an Independent valuer, for a total consideration up to Rs 8.80 crore. On acquisition of the same, MI Torica will become a subsidiary of the company. The board of directors at its meeting held on August 29, 2017 has approved for the same.
MI Torica is a joint venture company, in which NK Minda Group is holding 60% equity and 40% equity is held by Tokal Rika Create Corporation (TRCC), Japan.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
