UNO MINDA Further Strengthens Its Partnership With Toyoda Gosei
Board of Minda Industries Ltd. has approved an investment of Rs. 33.5 Cr. in TG Minda, a 49.9% Joint venture of UNOMINDA and Toyoda Gosei, Japan (TG). The proceeds of the investment will be used to consolidate the Business of TG in India by transferring the shares of Toyoda Gosei South India Ltd. (TG SIN) to TG Minda. TG SIN is a 95% subsidiary of TG. The transaction is subject to customary regulatory approvals, if any.
TG SIN reported a turnover of Rs 377 cr in FY 2019. It is engaged in business of interior and exterior plastic molded components for automotive application. The transaction is expected to be completed by September 2020. Consolidation of TG SIN will result in several synergies viz, optimal production system, flexible supply chain, complimentary product lines and customer synergies.
On the transaction N K Minda, Chairman & Managing Director, Minda Industries Ltd. Commented; “UNO MINDA Group is focused on maximizing its content/kit value across the vehicle segments and this is a step forward in this direction. We have strengthened our relationship with Toyoda Gosei further, with this investment. We are excited about our partnership with TG and continue to serve our customers with continued vigour.”
