Auto components maker Minda Industries Ltd (MIL) on Friday said it has entered into a joint venture agreement with FRIWO AG Germany to manufacture and supply various electric vehicle components in the Indian subcontinent with a planned capex of Rs 390 crore in the next six years.
MIL, the flagship firm of Uno Minda Group, will hold a majority stake of 50.1 per cent, with the rest held by FRIWO AG Germany — a global manufacturer of innovative power supply units and e-drive solutions, the company said in a regulatory filing.
In a separate filing, the company said it will also expand production capacities of its two-wheeler and four-wheeler alloy wheels business for which a total capital expenditure (capex) outlay of Rs 264 crore has been made.
