New Delhi
Sundaram Finance
Holdings Ltd (SFHL) announced its plan to buy an additional 8.3% stake in Mind
Srl of Italy, a manufacturer of composite materials components for the
automotive, aerospace and medical sectors. This move will increase SFHL’s stake
in Mind Srl from 40.6% to 48.9%.
SFHL’s board of
directors approved an additional investment of two million euros in the form of
cash consideration. The stake buy will complete in September 2021, after
getting the necessary statutory and regulatory approvals.
Mind Srl,
promoted by its founders – Francesco Varrasi, Denis Luci and Pietro Pometti,
has established long-term relationships with customers in the automotive
domain. The company focuses on the motorsport segment and has a small presence
in the aerospace and medical segments. Its revenue is on the uprise with 4.45
million euros in 2020.
Sundaram Finance
Holdings is a holding company that owns a portfolio of businesses involved in automotive manufacturing of brakes,
turbochargers, ferrous castings, axles, wheels, fuel injection.
Source – ET Auto
Image Source: Sundaram Finance Website
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