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Minda Industries board approves merger with Harita Seating Systems

Auto News - Published on Tue, 19 Feb 2019

Image Source: ET Auto
Economic Times reported that auto component maker Minda Industries, the flagship company of Uno Minda said its board has approved merger of Harita Seating Systems with itself. The transaction involves Minda getting 51 per cent stake in Harita Fehrer, a joint venture of Harita with Fehrer Automotive GmbH, one of the leaders in automotive seating business in Europe.

Harita, along with its subsidiary, has 12 manufacturing plants across India.

Uno Minda Chairman and Managing Director Nirmal K Minda said in a statement that "This is the largest merger and acquisition (M&A) transaction that Uno Minda has undertaken. HSSL is a quality-focused, system-driven organisation and we are sure we will be able to take the business to the next level and create value for shareholders of both the companies.”

HSSL Chairman H Lakshmanan said that the amalgamation would offer immense opportunity to broaden the company's portfolio and invest in products that it believes are most relevant to customers.

Harita is engaged in manufacturing, product development and sales of driver seats and bus passenger seats. Its prominent customers include TVS Motor Company, Royal Enfield, TAFE, Daimler, John Deere and Tata Motors, among others.

Source :

Posted By : Joykumar Irom on Tue, 19 Feb 2019
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