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Uno Minda to increase stake in its JV with Westport to 76%

Sep 29, 2023

By: BlinkX Research Team

Uno Minda Limited Board has approved to increase stake in Minda Westport Technologies Limited (MWTL) from 50% to 76% by acquiring additional 26% stake from its joint venture partner Westport Fuel Systems Italia S.r.l. (“Westport”).

As per the filing, the purchase consideration for 26% stake is approx. Rs 14.81 crore.

Further, the acquisition of shares is targeted to be completed on or before 31st March 2024. Uno Minda and Westport is also amending its joint venture agreement to include future hydrogen components in addition to CNG/LNG /LPG components and Kits in JV territory of South Asia comprising of India, Bhutan, Sri Lanka and Nepal, the company stated on Thursday.

Besides the acquisition of additional 26 % stake from Westport, MWTL is also acquiring the assets of Rohan BRC Gas Equipment Pvt. Ltd, a wholly owned subsidiary of Westport.

On Friday morning trade, shares of UNO Minda were trading at Rs608.05 per share higher by 2.16% on the BSE.