Minda Industries is in the limelight today, scaling to a new 52-week high at Rs.1019, up over 7% on the back of a new deal signed with a German company.
The company has entered into joint venture agreement with FRIWO AG, Germany and its affiliates and accordingly to make a joint venture company with FRIWO for EV products and authorised to make investments up to Rs 71 crore from time to time in one or more tranches over next three years for 50.1% stake in a proposed joint venture company in India, subject to requisite approval of appropriate authority if any.
The JV company will be a subsidiary of Minda and the total capital expenditure to be incurred over the period of six years in the proposed joint venture company would be approximately Rs 388 crore.
Minda Industries also approved the expansion of its two-wheeler alloy wheel capacity by 2 million wheels per annum at its existing Supa Plant in Maharashtra. The additional capital expenditure for the aforesaid capacity expansion will be Rs 190 crore and the said expanded facilities are expected to commence operations by the quarter ending March 2023.