Minda Industries Limited announces merger of four subsidiaries

Date: 17 May 2019

Minda Industries limited (‘MIL’), the flagship company of Uno Minda Group has announced that the board has approved amalgamation of four domestic wholly owned subsidiaries (WOS) under MIL namely Minda Rinder Pvt. Ltd., Minda Distribution & Pvt. Ltd., Minda Auto Components Ltd. and MJ Castings Ltd.

The rationale behind this merger is to create a stronger standalone entity to pursue the next leg of growth.This Scheme of amalgamation is subject to necessary statutory and regulatory approvals including the approval of the jurisdictional National Company Law Tribunals. The estimated implementation time-frame is expected by end of financial year. The merger is expected to drive a lot of operational, strategic synergies and create value for all stakeholders.

 Turnover and net worth of companies that are proposed to merged with MIL

Subsidiary to be merged

Turnover for year ending March 31, 2019 (in rupees crore)

Net worth as one March 31, 2019 (in rupees crore)

Minda Rinder

631

83.52

Minda Distribution & Services

526

23.55

Minda Auto Components

353

24.08

MJ Castings Ltd

315

81.43

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