The Board of Minda Corporation has entered into definitive
agreements with its joint venture partner, Furukawa Group of Japan, for change in equity structure of Minda Furukawa Electric Private Limited (JVCO). As per the proposed realignment, the equity stake of joint-venture partner in the JVCO will change from 49% to 75% and stake of Minda Corporation will change from existing 51% to 25%. The change
in equity structure will be through a mix of sale of shares of JVCO by Minda Corporation and additional equity infusion into JVCO by Furukawa Group of Japan.
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