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
Mobileye Global Inc. announced that its SuperVision and Surround ADAS hands-free, eyes-on advanced driving assistance systems have been selected by Mahindra & Mahindra for at least six upcoming models...
Audi has unveiled My Auras, a first-of its-kind in-vehicle experience that creates an unconventional journey of tranquility and grace by redefining luxury vehicle ownership for the customer. T
Striking blend of superhero flair and safety, Studds Accessories Ltd. announced the launch of its latest addition to the DC superheroes inspired lineup with the Studds Trooper Superman Edition helmet.