Minda Industries (MIL) has entered into a definitive agreement on January 29, 2019 with KPIT Engineering and Impact Automotive Solutions to purchase its Business related to Telematics hardware products consisting VTS-AIS 140, OBITS (On Bus Integrated Telematics Systems complying to UBS-II specifications), and Telematics product for School Bus. The agreement is subject to customary closing conditions and approvals.
The consideration for aforesaid transaction would be an initial payment of around Rs 25 crore. In addition to this, there will be certain milestone related payments based on performance over next 2.5 years.
Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.
