Minda Corporation surged 2.66% to Rs 138.90 after the company announced a joint venture with Republic of Korea's INFAC Elecs Co. to bring its range of automotive antenna solution in India.
Minda Corporation, the flagship company of Spark Minda Group, on Tuesday a joint venture tie up with Korea's INFAC Elecs Co. bring its range of automotive antenna solution for the Indian automotive market.The partnership aims to capitalize on the opportunities for growth in automotive safety, connected & autonomous technologies. Connectivity-based safety features such as remote keyless entry, V2V & V2X communication will spur demand for devices like antennas products and solutions. The joint venture will offer multiple antenna products like rod antenna, micro pole antenna, shark fin antenna, LF antenna, etc.
The joint venture will manufacture the antennas locally from the newly set up state-of-the-art manufacturing unit in Pune. Minda will hold 51% stake in the joint venture while Infac Elecs Co. will hold the remaining 49%.
Ashok Minda, chairman and Group CEO of Spark Minda Group said, "We are extremely delighted to form the Joint Venture with INFAC Elecs from Republic of Korea. The Indian automotive industry is moving towards the theme of Safe, Smart, & Connected and Spark Minda aims to be a leading player in this domain. With INFAC's strong capability in advanced solution in Antenna systems, the Joint Venture will offer latest technology products to all segments of the Automotive Industry. At Spark Minda, we are committed to offer advanced products, technologies and solutions in Connected, Electronics, Light Weighting, Safety, Electric Mobility space organically and inorganically."
Woong Seon Choi, president of INFAC Group said, "I am so delighted that the joint venture agreement between Infac and Spark Minda has concluded successfully. This agreement is the second achievement, following the Technical Assistance Agreement dated on 12th August, 2019 and means both companies have similar goal and conviction of successful business to be in India automotive market filled with high potential and possibilities. I am sure that this JV firm would grow its business significantly and finally achieve its goal in India, and bring both companies huge profits. Infac will do its best to provide full support for the success of the JV."
Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. Its consolidated net profit stood at Rs 12.92 crore in Q4 FY21 compared with net loss of Rs 299.78 crore in Q4 FY20. Net sales surged 48% to Rs 794.09 crore in Q4 FY21 as against Rs 536.37 crore in Q4 FY20.
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