Minda Industries rose 1.41% to Rs 607.50 at 15:30 IST on BSE after the company and Japan's Kosei Group on 27 February 2015 entered into a Joint Venture Agreement.
The announcement was made on Saturday, 28 February 2015.
Meanwhile, the BSE Sensex was up 129.03 points, or 0.41%, to 29481.16.
The stock of auto component manufacturer hit a high of Rs 612 and a low of Rs 605.50. The stock hit a record high of Rs 655 on 12 November 2014. The stock hit a 52-week low of Rs 167 on 4 March 2014.
Minda Industries and Kosei Aluminum Co. ltd. a Japanese leading alloy wheel manufacturer on 27 February 2015, entered into a Joint Venture Agreement to manufacture and sell alloy wheels in India.
The aforesaid companies have an existing plant operating in Chennai since 2010. The new project will be set up with total investment of Rs 200 crore for first phase of production and with an equity share of 70% with Minda Industries and 30% with Kosei Aluminium Co. Ltd.
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The proposed name of the Joint Venture Company is Minda Kosei Aluminum Wheel and will be established in Bawal, Haryana. The JV company is to engage in the development, manufacturing and sales of Aluminium alloy wheels for major OE car manufacturers. The start of production is planned from February 2016 with a capacity of 60,000 units per month (1st phase).
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