Minda Industries’ board has approved an investment of Rs 33.5 crore in TG Minda, a 49.9% Joint venture of UNOMINDA and Toyoda Gosei, Japan (TG). The proceeds of the investment will be used to consolidate the Business of TG in India by transferring the shares of Toyoda Gosei South India (TG SIN) to TG Minda. TG SIN is a 95% subsidiary of TG. The transaction is subject to customary regulatory approvals.
TG SIN reported a turnover of Rs 377 crore in FY 2019. It is engaged in business of interior and exterior plastic molded components for automotive application. The transaction is expected to be completed by September 2020.
Minda Industries (MIL) is a flagship Company of UNO MINDA Group. UNO MINDA, a technology leader in Auto Components Industry is a leading supplier of proprietary automotive solutions to OEMs as Tier-1.
