Minda Industries has received an approval regarding hiving off the running business of battery division of the company to a new company, being incorporated. The board at its meeting held on November 21, 2011 has unanimously approved for the same.
Further, the above is subject to the approval by the shareholders of the company. The postal ballot notice, as approved by the board is to be sent to the shareholders of the company on or before November 26, 2011.
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.
