At meeting held on 13 July 2018
The Board of Minda Industries at its meeting held on 13 July 2018 has approved the acquisition of 80% of equity capital of iSVS RTS GmbH ('iSYS') based in Germany.iSYS is a niche player engaged in systems engineering, development of hardware and software with product and services offering in embedded systems, Electronic Control Unit ('ECUs' or 'controllers'). These automotive ECUs/ controllers are used in lighting, infotainment systems, automation and building technologies amongst others. Marquee customers of iSYS include BMW and Rolls Royce, which is testimony to the superior quality of controllers manufactured by the company.
The acquisition is in line with strategy of the Company to increase its offering / kit value. This will also improve export prospects from India to EU and ASEAN nations.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content