Minda Corp forms JV with Japan's Toyodenso for advanced automotive switches

Shares of Minda Corp Ltd. recovered from the lows of the day before swinging between gains and losses on Wednesday, June 11, after the company entered into and signed a Joint Venture Agreement with Toyodenso Co. Ltd.

This joint venture entails the manufacturing and selling of advanced automotive switches for the automotive segment in India and will be made operational through the incorporation of a new joint venture entity.

Minda Corp will be holding a 60% stake in the soon-to-be-formed Joint Venture company, while Toyodenso will own the remaining 40%.

The board of the JV company shall comprise of three directors, of which, two directors will be nominated by Minda Corp, and the other one will be nominated by Toyodenso.

In January this year, Minda Corp had announced the acquisition of a 49% equity stake in Flash Electronics (India) Private Limited for ₹1,372 crore.

The acquisition resulted in the purchase of 2,55,40,578 equity shares, pegged at ₹537.18 per share.

In the last quarter of FY25, Minda Corp saw its revenue rise by 8.7% to ₹1,321 crore versus ₹1,215 crore.

Its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also increased by 10.3% to ₹152.9 crore. The margin also increased to 11.6% versus 11.4% in the previous cycle.

Shares of Minda Corp are currently trading little changed after the announcement at ₹573.8. The stock has risen 19% in the last one month.