In what is seen as a move to accelerate its commitment to automotive electronics, Minda Corporation has acquired its joint venture partner Stoneridge Inc of the entire 49% US stake in Minda Stoneridge. Instruments. It will also extend its technical collaboration with Stoneridge Inc, which is a leading manufacturer of electronic instruments.

Commenting on the acquisition, Ashok Minda, Chairman and CEO of Minda Corp Group, said: “Minda Corporation has increased its stake in Minda Stoneridge to strengthen its core business. The acquisition will create value for shareholders as the group’s financial performance improves. We will continue to have a perpetual license of all existing technology licenses granted by Stoneridge Inc and continue technical collaboration with Stoneridge Inc for future products. This initiative was taken in line with our vision to grow in advanced technological products – sensors and clusters. “

Minda Stoneridge Instruments holds the exclusive manufacturing and marketing rights for India and 17 Asian countries, namely Malaysia, Indonesia, Philippines, Singapore, Thailand, Vietnam, Pakistan, Bangladesh, Brunei, Burma, Cambodia, Laos, Mauritius, Maldives, Nepal and Sri Lanka. The company has manufacturing plants in Chakan, Pune and Chennai, both logistically well-positioned at these two main automotive hubs in the country.

Good performance at T2 FY2022
Minda Corp also announced its results for the second quarter of fiscal 2022. While operating income was Rs 731 crore, an 11.5% year-over-year growth, EBITDA was Rs 77 crore with strong operating margins of 10.6%. Profit after tax was Rs 39 crore with PAT margins of 5.3%.

Commenting on the results, Ashok Minda said: “In the second quarter of fiscal 2022, the automotive industry experienced a sequential recovery in demand as the second wave of health pandemic receded and the growth trend was visible. in all vehicle segments to varying degrees. We generated operating revenue of Rs 7,313 million in the quarter, a robust sequential growth of 11.5% compared to an industry decline of (2.6%). With the economy recovering and industry dynamics changing, we remain cautiously optimistic about the times ahead, but remain confident in our capabilities and strong product offerings to generate profitable and sustainable growth. “