Minda Industries limited (‘MIL’), the flagship company of Uno Minda Group has announced that the board has approved amalgamation of four domestic wholly owned subsidiaries (WOS) under MIL namely Minda Rinder Pvt. Ltd., Minda Distribution & Pvt. Ltd., Minda Auto Components Ltd. and MJ Castings Ltd.
The rationale behind this merger is to create a stronger standalone entity to pursue the next leg of growth.This Scheme of amalgamation is subject to necessary statutory and regulatory approvals including the approval of the jurisdictional National Company Law Tribunals. The estimated implementation time-frame is expected by end of financial year. The merger is expected to drive a lot of operational, strategic synergies and create value for all stakeholders.
Turnover and net worth of companies that are proposed to merged with MIL
Subsidiary to be merged
Turnover for year ending March 31, 2019 (in rupees crore)
Net worth as one March 31, 2019 (in rupees crore)
Minda Rinder
631
83.52
Minda Distribution & Services
526
23.55
Minda Auto Components
353
24.08
MJ Castings Ltd
315
81.43
Steelbird Hi-Tech India Limited, one of the country's leading helmet manufacturers, has launched its latest offering, the FEC-3 helmet. Designed for riders who seek a combination of advanced safety, p...
Reinforcing its strong presence in India’s two-wheeler safety market, Steelbird Hi-Tech India Limited has achieved a significant milestone with its popular SBA-20 helmet crossing 10 lakh units (1 mill...
Michelin announced the launch of the Michelin X Multi Energy Z2, a new-generation truck and bus tyre developed for Indian operating conditions and tested on Indian highways.