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The board of directors of Minda Industries has approved the acquisition of 41.67 per cent stake of Toyoda Gosei Minda India Private Ltd (TG Minda), subject to necessary consents and permissions. TG Minda is a joint venture company of UNO Minda Group, Toyoda Gosei Co Ltd and Toyota Tsusho Corporation, Japan. TG Minda is engaged in the manufacturing of airbags, steering wheels with airbags and body sealing for automobiles and supplies to Maruti Suzuki and Toyota Kirloskar. The manufacturing facilities of TG Minda are located at Neemrana in Rajasthan, Bawal in Haryana and in Gujarat (under construction). Minda Industries will purchase the shares from Toyoda Gosei Co at ₹7.46 a share, based on the valuation report of an independent valuer, for a total consideration of ₹136.77 crore. After the acquisition, TG Minda will become a joint venture of the company. Shares of Minda Industries closed at ₹1,121.60, down 0.42 per cent, on the NSE.
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