The board of Minda Industries at its meeting held on July 13, 2018 has approved the acquisition of 80% of equity capital of iSVS RTS GmbH (iSYS) based in Germany.

iSYS is a niche player engaged in systems engineering, development of hardware and software with product and services offering in embedded systems, Electronic Control Unit ('ECUs' or 'controllers').

These automotive ECUs/ controllers are used in lighting, infotainment systems, automation and building technologies amongst others. Marquee customers of iSYS include BMW and Rolls Royce, which is testimony to the superior quality of controllers manufactured by the company.

The acquisition is in line with strategy of the company to increase its offering / kit value. This will also improve export prospects from India to EU and ASEAN nations.

The company's board has also approved to enter into another Joint Venture (JV) agreement with Kasei Group, Japan. The proposed joint venture company shall be incorporated with company's holding 49.9% and Kasei Group holding 50.1% of the equity.

The JV company is proposed to be set up in Bawal, Haryana for manufacturing moulds for alloy wheel. This is in line with group strategy to invest in capability building & will provide competitive edge to the company.

The company will strongly benefit from the technology for designing, manufacturing of Moulds for Alloy wheels and polishing of wheels. This JV will also provide access to high end technology and world class tooling capability.

The JV company is expected to achieve additional synergies in areas of Product Development & Technology which will result in stronger customer footprints including both OEM as well as end Customers.

Shares of the company gained Rs 0.8, or 0.19%, to trade at Rs 420.15. The total volume of shares traded was 3,058 at the BSE (11.33 a.m., Monday).