Minda Corporation announced today that it has acquired 100% equity of Panalfa Autoelektrik (PAL).

PAL manufactures Reduction Gear Starter Motors and Alternators as per latest international technology and quality standards under the Panalfa brand. It caters to the Agriculture Machinery, Stationary Engine, Construction Equipment and Automotive markets globally.

Reduction Gear Starter Motors are fast replacing the conventional direct-drive starter motors. The optimum weight and dimensions of these Starter Motors help deliver much greater torque and cranking strength. Alternators, with their high quality avalanche diodes, help enhance an automobile's battery life.

D.C. Sharma, Group chief financial officer said, "The acquisition of Panalfa Autoelektrik is a highly strategic one. The benefits from the combination of Panalfa's high growth products such as Reduction Gear Starter Motors & Alternators and Minda Corp's existing customer base & dealer network are substantial. "

Shares of the company declined Rs 0.20, or 0.18%, to trade at Rs 108.50. The total volume of shares traded was 9,040 at the BSE (12.04 p.m., Tuesday).