Auto component maker Ashok Minda Group is close to acquiring a 51% stake in Australian company NTS Global for around Rs 70 crore. This will be the group’s third acquisition in the last 18 months. The group is also considering consolidation of its operations into a single holding company.
The new company, to be re-christened as Minda NTS (MNTS), will set-up its greenfield tooling operations in India and another greenfield unit in Germany. Besides catering to Minda’s in-house tooling requirements, the company will also look at servicing other original equipment manufacturers (OEMs).
The Ashok Minda Group, with revenues of around $200 million is growing at a CAGR of over 40%. Over the past 18 months, the group has forged three joint ventures with Stoneridge, USA; Silca, Italy; Kaba, Switzerland. In addition, it has acquired a controlling stake in Valeo of France and in KTSN, a plastic injection company in Germany. It also bought back the 36.75% stake of its German partner Huf in its flagship company Minda Huf.
(Source: Economic Times)
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