NEW DELHI, Jan 15: Auto components maker Minda Corporation on Wednesday said it will acquire 49 per cent stake in Flash Electronics for Rs 1,372 crore.
The partnership is intended to expand the product offerings of both companies, leveraging their existing portfolios to create a comprehensive range of EV solutions, the company said in a statement.
Minda Corporation will acquire 49 per cent equity stake in Flash Electronics for a cash consideration of Rs 1,372 crore, it said.
“This partnership fits perfectly, strategically and financially in the company’s long-term vision of creating value for customers and shareholders,” Minda Corporation Chairman & Group CEO Ashok Minda said.
Both companies have a diversified, yet synergised, product portfolio where Minda Corporation is into automotive body electronics and Flash is in automotive engine and powertrain electronics.
This partnership will create a synergetic and wide portfolio for both partners, Minda Corporation said.
“I am confident that this partnership will catapult both the companies to a different level,” Flash Electronics Managing Director Sanjeev Vasdev said.
Among the early entrants in the field of EV powertrains, Flash is a leading player for motors, motor controllers, vehicle control units, etc.
It has developed innovative solutions for the electric powertrain, and would soon launch the same for passenger cars and commercial vehicles. (PTI)
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