Minda Industries, a manufacturer of two wheeler automotive switches, witnessed a rise in share price on Friday after it announced that the company is entering into a Joint Venture Agreement with Kosei International Trade and Investment Company, a Kosei Group company. The Kosei Group is a leading Japanese Alloy Wheel manufacturer.

The proposed plant of the joint venture company will be located at Bawal (Haryana) for manufacturing and supply of alloy wheels for passenger vehicles.

The proposed shareholding of the joint venture company will be in the ratio of 70:30 i.e. UNO Minda Group 70% and Kosei Group 30%.

Shares of Minda Industries are trading at Rs 624.00, up Rs 32, or 5.41% at the Bombay Stock Exchange (BSE) on Friday at 9:23 a.m.

The scrip has touched an intra-day high of Rs 635.00 and low of Rs 609.00. The total volume of shares traded at the BSE is 3,016.