Global manufacturer of proprietary automotive solutions and systems Uno Minda Ltd on Tuesday announced that its board has approved the acquisition of the remaining stake in Uno Minda Europe Gmbh for 1.3 million euros (around Rs 11.58 crore) to make it a wholly-owned subsidiary.

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According to an exchange filing, the company will purchase the remaining 3.81 percent stake held by George Hutter in Uno Minda Europe Gmbh, a step-down subsidiary of the company, at a consideration of Euro 1.3 million.

The stake will be purchased by SAM Global Pte Ltd, a wholly owned subsidiary of Uno Minda Ltd.

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The company also announced that the board in its meeting held on September 12 also approved the fixation of the appointed date as April 1, 2023 in the matter of the merger of Minda I Connect Pvt Ltd with Uno Minda Ltd.

The NCLT Delhi on September 1 asked the company to fix an appointed date for the merger of the two companies.

Minda I Connect Pvt Ltd is involved in the development of software, hardware, designing and programming in automotive mobility in IT segment and automation providing products.

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Uno Minda is a major player in the automotive industry and is also making significant strides in the EV space.

The company last month told CNBC-TV18 that it was commissioning two plants specifically to cater to the EV segment.’

Uno Minda shares were trading lower by 1.59 percent at Rs 618.50 apiece on BSE at 11.56 AM.

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(Edited by : Asmita Pant)

First Published:Sept 12, 2023 12:39 PM IST