You are using an older browser version. Please use a supported version for the best MSN experience.

Minda Corp. unit acquires EI Labs India

LiveMint logoLiveMint 01-09-2017 PTI

New Delhi: Auto component maker Minda Corp. on Friday said its subsidiary Minda SAI Ltd has fully acquired EI Labs India Pvt. Ltd for a consideration of Rs6.5 crore.

Minda SAI has acquired 100% equity of EI Labs India from the existing Indian promoters, the company said in a BSE filing. The acquisition is a part of long term strategy of Minda SAI for growth to diversify into the new line of business of connected mobility and internet of things, it added.

EI Labs India is into the business of designing, development, manufacturing and distribution of telematics products and solutions for automotive and non-automotive applications.

Minda Corp. stock dropped 0.55% to Rs108.50 apiece on BSE.

More From LiveMint

image beaconimage beaconimage beacon