Uno Minda Limited (formerly known as Minda Industries Limited), a Tier-1 supplier of proprietary automotive solutions and systems to original equipment manufacturers (OEMs) is investing around INR 300 Crores in expanding its manufacturing capacity of 4W Alloy Wheels and 4W Automotive switches to meet rising demand.
Minda Kosei Aluminum Wheel Private Limited, one of the key subsidiary of Uno Minda Limited, will be expanding its 4W Alloy wheel capacity by 60,000 wheels/month to 240,000 wheel/month at its plant in Bawal, Haryana. The additional capital expenditure for the aforesaid capacity expansion will be Rs 190 Cr. The expansion is expected to be commissioned in two phase with first phase of 30,000 wheel/month in December 2023 and remaining in June 2024. The expansion will cater to increased demand fuelled by increasing application factor. Alloy wheels have also emerged as one of the most sought after accessory for 4W buyers in India.
Mindarika Private Limited (MRPL), another key subsidiary of Uno Minda Limited, is setting up a new manufacturing plant at Farrukhnagar (Gurugram, Haryana) to cater to increased demand of 4W Automotive switches from Indian and International customers. The project cost for setting up Phase 1 of the manufacturing plant at Farrrukhnagar will be approx. Rs. 110 Crore which will be completed by September 2023. The phase 1 of the plant will manufacture part products to be used for manufacturing of auto components. The new plant will be strategically located 15 km from the existing Manesar plant deriving significant operational synergies. This location will also have sufficient land availability for any future expansion.
Dubai footprint will entail setting up of a wholly owned subsidiary and an office in Mainland Dubai in order to enhance the company's market reach in African & Middle East markets with focus on aftermarket segment. UAE being auto hub for MEA and CIS with high customer inflow will facilitate aftermarket business development in the region.
Shares of Minda Industries Limited was last trading in BSE at Rs. 547.40 as compared to the previous close of Rs. 551.20. The total number of shares traded during the day was 9352 in over 982 trades.
The stock hit an intraday high of Rs. 563.55 and intraday low of 543.75. The net turnover during the day was Rs. 5163909.00.