MINDA CORPORATION LIMITED (referred to as "Minda Corp"; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda Group, announced the signing of Technical Assistance Agreement (TAA) with INFAC ELECS CO. LTD of South Korea to manufacture Automotive Antenna Systems.
TAA aims to localize the manufacturing of Vehicle Antenna Systems to cater the local and global demand. It is a step forward to offer a complete solution to OEMs in this fast growing market of Automotive Vehicle Antennas and Systems which enable connected mobility. The future of mobility is clearly connected and autonomous vehicles in which the communication of a vehicle with external infrastructure and other vehicles / devices is important and thus calls for need of devices like Vehicle Antennas e.g Shark Fin Antenna, Micro Pole Antenna etc. The alliance will focus on complete vehicle antenna solutions and sub systems.
Spark Minda has a strong brand value in the Indian Automotive Industry with excellent relations with all the top OEMs. With Infac's strong capability in this segment, this alliance would leverage each other's strengths and help in establishing a strong business for Antenna Systems in India.
Commenting on the signing, Mr. Ashok Minda, Chairman and Group CEO of Spark Minda, said: "This cooperation would mark the inception of a long lasting relationship with INFAC, one of the leading global manufacturers of Vehicle Antenna Systems. This engagement will enable & strengthen Spark Minda Group's entry into connected mobility market through localized manufacturing in India with the support of INFAC's strong technological capability & global presence. India is becoming one of the most preferred hubs for the automotive industry. This alliance will leverage Spark Minda's strong relationship with leading OEMs thus marking our entry into this attractive Vehicle Antenna System Market".
Commenting on the signing, Mr. Woongseon Choi, Group CEO of Infac: "India is the market which has lots of chances and possibilities, especially in the automotive industry. Thus Infac has been making an effort for India market from early on. I am so glad to take important step with Spark Minda for successful India business. There is no doubt that Infac's technologies and Spark Minda's brand power shall lead the chances and possibilities to success. This agreement is just a beginning in the cooperation with Spark Minda and two companies will seek various means to generate business synergies by mutual collaboration".
Shares of Minda Corporation Ltd was last trading in BSE at Rs.86.55 as compared to the previous close of Rs. 82.3. The total number of shares traded during the day was 2477 in over 217 trades.
The stock hit an intraday high of Rs. 86.55 and intraday low of 84.8. The net turnover during the day was Rs. 211837.