Minda Industries has informed that the Company has entered into a definitive agreement on 29 January, 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 Crores. In addition to this, there will be certain milestone related payments based on performance over next 2.5 years.
The above information is a part of company’s filings submitted to BSE.
