Minda Corp's Stake in Furukawa JV Reduced to 17.54%

New Delhi, Apr 24 (PTI) Minda Corporation Ltd on Thursday said its stake in Furukawa Minda Electric Pvt Ltd, a joint venture with Japan's Furukawa Electric group, will be reduced to 17.54 per cent following a share subscription agreement with its partner.

The company has entered into a Share Subscription Agreement (SSA) with Furukawa Electric Company Ltd (FEC), and Furukawa Automotive Systems Inc -- FEC entities -- on April 24, 2025, Minda Corporation Ltd said in a regulatory filing.

As per the SSA, the FEC entities have agreed to subscribe to 5 crore new equity shares of Rs 10 each of Furukawa Minda Electric Pvt Ltd (joint venture), and upon completion of subscription and allotment of the new shares, the shareholding of FEC entities will increase to 82.46 per cent from 75 per cent, it added.

The shareholding of Minda Corporation Ltd will be reduced from 25 per cent to 17.54 per cent, the company said.

The JV, earlier named Minda Furukawa Electric Pvt. Ltd, was set up in 2007 for manufacturing and sales of wiring harness and other automotive components to Japanese automotive makers located in India.

In November 2018, Furukawa Electric Group had increased its stake from 49 per cent to 75 per cent and the name was changed to Furukawa Minda Electric Pvt Ltd.