Press releases for minda industries

Minda Industries Limited (mil), India’s Largest Manufacturer of 2-3 Wheeler Automotive Switches, Announces Financial Results for Q2 of 2007-2008. (2007-10-24)
“Our performance is slightly lower than the envisaged target of 40% top-line growth, but that has been keeping in mind the very abnormal negative growth seen in the last 6 months in the auto sector. We are hopeful that this is a short term issue and will change soon”, says Mr. N.K. Minda, Managing Director, Minda Industries Limited. MIL is today the country’s largest manufacturer of switches in the 2/3 wheeler segment and is amongst the top few globally. Minda has already started the test production of batteries at its Pantnagar facility and this will start commercial production shortly. Minda Industries Limited has its manufacturing plants in Gurgaon, Pune, Hosur, Delhi, Aurangabad & Pantnagar and has over 1200 employees. Minda Group also has a manufacturing facility in Indonesia, looking after the booming ASEAN market.

Nk Minda Group Announces Its Foray into Starter Motors & Alternators (2007-07-24)
The Rs.832 crore NK Minda Group today announced its Joint Venture Agreement with Valeo Electrical Systems (a 1085 M € company) of France. The venture is setting up a new plant at Pune to manufacture starter motors and alternators. The new entity to be christened Valeo Minda Electrical Systems India Private Limited (VMESPL) will manufacture starter motors and alternators for cars. The JV agreement envisages that 66.7% equity will be held by Valeo and 33.3 % equity will be held by NK Minda Group. The new company is investing around Rs.100 to 120 crore at Pune. This investment will be spread over 4 years and around 10 % of the total amount is earmarked for setting up an R&D lab at the new facility. The commercial production is likely to commence at Chakan in March 2008.