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Our Bureau

Mumbai , Aug. 18

MINDA Instruments Ltd (MIL), a Pune-based company belonging to the Rs 300-crore Ashok Minda group, today announced its joint venture with Stoneridge Inc (SRI) of the US, a leading manufacturer of electronics instruments.

As a part of this agreement the $607-million Stoneridge Inc, will pick up 49 per cent stake in MIL over a period of three years.

With this development, MIL will now have exclusive manufacturing and marketing rights for India and 17 Asian countries, including Malaysia, Indonesia, the Philippines, Singapore, Thailand, Vietnam, Pakistan, Bangladesh and Sri Lanka.

The JV agreement, share subscription and SRI investment into the re-christened Minda Stoneridge Instruments Ltd was completed this week. Consequently, the board has been reconstituted with the induction of Mr Edward F. Mosel and Mr Mark Tervolon as SRI nominees and Mr Ashok Minda, Mr Deepak Singhal and Mr Naresh Modi as Directors. According to a company press release, the joint venture is expected to achieve a turnover of $20 million within three years from domestic instruments business.

More Stories on : Alliances & Joint Ventures | Electronics

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