Companies

Minda arm to merge TVS Group’s Harita Seating with itself

Our Bureau Chennai | Updated on February 15, 2019 Published on February 15, 2019

Minda Industries Ltd (MIL), part of the ₹7,000-crore auto parts house Uno Minda Group, will be merging NSE-listed Harita Seating Systems Ltd (HSSL), part of the TVS Group, with itself.

The boards of both the companies, in their respective meetings held on Friday, approved the merger of HSSL with MIL through a composite scheme of arrangement. The transaction also encompasses Minda getting a 51 per cent stake in Harita Fehrer Ltd, a joint venture of Harita with Fehrer Automotive GmbH, an automotive seating player in Europe.

 

The ₹905-crore HSSL operates 12 manufacturing plants across India. It offers solutions for driver and cabin seating for commercial vehicles, tractors and buses. For FY18, it had recorded an EBITDA of ₹87 crore and PAT (after minority interest) of ₹38 crore.

“This is the largest M&A transaction that Uno Minda has undertaken. We are sure we will be able to take the business to the next level,” said Nirmal K Minda, CMD of MIL, in a statement

Published on February 15, 2019
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