Minda Industries share price shot up over 8 per cent on NSE today. Early March this year witnessed the Manesar-based Minda Industries or MIL spread its wings in its automotive lighting realm. The Rs.2,500 cr MIL acquired the global lighting business of Spain’s Rinder Group in a deal pegged at 20 million Euros (Rs.145 cr). With this acquisition, Minda Industries brought under its fold 100 per cent equity holding in Rinder as well as its technical and design centre located in Spain along with 50 per cent equity holding in Rinder Riducu in Colombia.
In June, Minda Industries, part of the UNO Minda Group, closed the Rinder deal through a blend of internal accruals and debt funding. Now the Indian component maker is consolidating its profits into 2 lighting verticals, one for the four-wheeler business by piggybacking on its strengths and the other in Rinder’s 2-wheeler and off-road business. The original 2-wheeler Minda Industries business is also being integrated into the Rinder business as conventionally MIL was a supplier to Japanese customers like Suzuki and Kawasaki, Yamaha, Renault-Nissan along with the tractor market.
With this move, Minda has jumpstarted its expansion earmarking a capex of Rs.500 cr over the next 3 years to finance its growth in the domestic market and overseas. This growth shall enable the lighting division to reach a consolidated topline of Rs.1,000 cr from over Rs.700 cr today. For more details please visit Minda Industries share price history, where you shall come across its support and resistance levels
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