 "Minda Industries surges on joint venture with Kosei Group")
Shares of Minda Industries has surged 5% to Rs 623 on BSE after the company said it has entered into a joint venture with a Kosei Group company for manufacturing and supply of alloy wheels for passenger vehicles.
“Minda Industries Ltd. UNO Minda Group, is entering into a joint venture agreement with Kosei International Trade and Investment Company Ltd., a Kosei Group company,” Minda Industries said in a BSE filing.
The Kosei Group is a leading Japanese alloy wheel manufacturer. UNO Minda Group will hold 70% and Kosei Group hold 30% in the proposed joint venture.
The company said, the proposed plant of the joint venture company will be located at Bawal (Haryana) for manufacturing and supply of alloy wheels for passenger vehicles.
The cost of the project is estimated at Rs 200 crore (first phase). The commercial production of the plant is expected for February, 2016 with a monthly capacity of 60,000 units, it added.
The stock opened at Rs 615 and hit a high of Rs 635 on BSE. A combined 12,385 shares changed hands on the counter till 0933 hours on BSE and NSE.
“Minda Industries Ltd. UNO Minda Group, is entering into a joint venture agreement with Kosei International Trade and Investment Company Ltd., a Kosei Group company,” Minda Industries said in a BSE filing.
The Kosei Group is a leading Japanese alloy wheel manufacturer. UNO Minda Group will hold 70% and Kosei Group hold 30% in the proposed joint venture.
The company said, the proposed plant of the joint venture company will be located at Bawal (Haryana) for manufacturing and supply of alloy wheels for passenger vehicles.
The cost of the project is estimated at Rs 200 crore (first phase). The commercial production of the plant is expected for February, 2016 with a monthly capacity of 60,000 units, it added.
The stock opened at Rs 615 and hit a high of Rs 635 on BSE. A combined 12,385 shares changed hands on the counter till 0933 hours on BSE and NSE.