The board of directors of 3M India on Wednesday approved a proposal for investment in the entire issued and outstanding equity capital (five lakh shares of ₹10 each) of 3M Electro & Communication India Pvt Ltd for ₹590 crore. However, this related-party transaction is subject to further due diligence.
3M Electro & Communication is a subsidiary of 3M Company, US. 3M India had posted a profit of ₹240.76 crore on revenues of ₹2,457.85 crore for FY17.