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Axis Securities Report
Minda Industries Ltd. announced new investments for electric vehicle products and expansion of alloy wheel capacity (both passenger vehicle and two-wheeler alloy wheels) in line with its growth plans.
To meet these objectives, the company plans to form a joint venture in India with FRIWO AG (German manufacturer of power supply units and e-drive solutions) for EV products.
Minda Industries will invest Rs 71 crore in the JV over the next three years for a 50.1% stake and €15 million in FRIWO AG, Germany for a 5.24% stake (all two-wheeler and three-wheeler electric products to be housed under the JV moving forward).
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