Minda Industries Ltd. (MIL) has entered into a definitive agreement with KPIT Engineering Ltd (KPIT) 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 products for school buses. The agreement is subject to customary closing conditions and approvals. MIL will be a preferred supplier to KPIT for other telematics hardware products.
On this occasion, N K Minda said “With AIS 140 notification being released by the Government this year and its implementation with effect from January 2019, we believe that this segment will offer opportunity for growth and expansion. In addition to this, KPIT is among the pioneers in the telematics space in India and this collaboration would give access to new customers and technology.”
Kishor Patil, CEO of KPIT said “This collaboration is in line with our re-defined strategy to focus on software development and Integration for mobility. Minda’s proven manufacturing capability will impart scale and benefit our customers and employees.” Equirus Capital acted as sole advisor to this transaction.
Minda Industries Limited is a flagship cmpany 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. It manufactures automobile components for Original Equipment Manufacturers (OEMs). It is a Rs 70 billion Group as in FY18 and is rapidly expanding with increased market share in all its product lines.
Source: Minda Industries
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