Minda Corporation, the flagship company of Spark Minda Group, has announced a joint venture with Republic of Korea's INFAC Elecs Co. to bring its range of Automotive Antenna Solution for the Indian Automotive Market.

The partnership aims to capitalize on the opportunities for growth in automotive safety, connected & autonomous technologies. Connectivity-based safety features such as remote keyless entry, V2V & V2X communication will spur demand for devices like antennas products and solutions.

The joint venture will offer multiple Antenna products like Rod Antenna, Micro Pole Antenna, Shark Fin Antenna, LF Antenna, etc.

The joint venture will manufacture the antennas locally from the newly set up state-of-the-art manufacturing unit in Pune.

Ashok Minda, Chairman and Group CEO, Spark Minda Group said, "We are extremely delighted to form the Joint Venture with INFAC Elecs from Republic of Korea. The Indian automotive industry is moving towards the theme of "Safe, Smart, & Connected" and Spark Minda aims to be a leading player in this domain. With INFAC's strong capability in advanced solution in Antenna systems, the Joint Venture will offer latest technology products to all segments of the Automotive Industry. At Spark Minda, we are committed to offer advanced products, technologies and solutions in Connected, Electronics, Light Weighting, Safety, Electric Mobility space organically and inorganically."

Woong Seon Choi, President, INFAC Group said, "I am so delighted that the joint venture agreement between Infac and Spark Minda has concluded successfully. This agreement is the second achievement, following the Technical Assistance Agreement dated on 12th August, 2019 and means both companies have similar goal and conviction of successful business to be in India automotive market filled with high potential and possibilities."

Shares of the company gained Rs 0.4, or 0.3%, to settle  at  Rs 135.70.  The total volume of shares traded  was  129,464 at  the BSE (Tuesday).