Held on 10 November 2016
The Board of Directors of Minda Industries at their meeting held on 10 November 2016 approved the following -Approved purchase of balance 49% stake in Sam Global, Singapore from Singhal Fincap for total consideration of Rs 13.51 crore. The expected date of completion is on or before 30 April 2017.
Approve the purchase of 31.37% stake of PT Minda Asean Automotive, Indonesia from Minda Investment for total consideration of Rs 15.85 crore. The expected date of completion is on or before 30 April 2017.
The Board approved the signing of joint venture agreement with Onkya Corporation, Japan to design, develop and manufacture the speakers and speaker systems in Indian market and export to other countries. The JVC will be in the shareholding ration of 50:50.
The Board approved hiving off the running business of 2W battery division of the Company in Pantnagar to its 100% subsidiary, Minda Storage Batteries.
Approves raising funds up to Rs 500 crore for ongoing consolidation process, new project and working capital requirements.
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