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Automotive component manufacturer Minda Corp, through its subsidiary Minda SAI, has acquired EI Labs India for a consideration of Rs 6.5 crore. Bengaluru-based EI Labs delivers inter-disciplinary products in the connected mobility and Internet of Things (IoT) space.
“The acquisition will enable Spark Minda to develop latest devices and solutions, helping the automotive market with world class technologies in the domain of automotive connected mobility management devices and solutions. Spark Minda with the expertise of in-house engineers, new R&D technology centre in Pune and outsourced technology enables users to access new & innovative products in automotive industry,” Ashok Minda, Chairman & Group CEO at Spark Minda said.
“With this acquisition, Spark Minda will be bringing a full spectrum of solutions to reinforce developments in next-generation Connected mobility & IoT domain. We plan to integrate the acquired technology in our existing range of products to give the much required value add & competitive edge to our customers,” said Suresh D, Group Chief Technology Officer, Spark Minda said.
Spark Minda is a manufacturer of automotive components for OEMs.
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