NK Minda, chairman, Minda Industries says the joint venture is worth Rs 300 crore and the operations for the same will begin in April 2016.
Minda Industries has entered a joint venture agreement with Kosei International Trade and Investment Company Ltd to manufacture aluminum alloy wheels. The Kosei Group is a leading Japanese alloy wheel manufacturer.
In an interview to CNBC-TV18, NK Minda, chairman, Minda Industries says the joint venture is worth Rs 300 crore and the operations for the same will begin on April 2016.
The company has already received a letter of intent (LoI) from Maruti Suzuki , says Minda.
Below is the verbatim transcript of NK Minda's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Latha: Take us through the details. How much is the money you are putting in and what exactly is the game plan. When does the production start?
A: The project cost would be around Rs 300 crore and the capacity will be about 1 million pieces per year. We will start production by April 2016.
Sonia: What will you produce? Will it be switches?
A: No. This is an alloy wheel; an aluminium alloy wheel. The percentage of aluminium alloy wheel is increasing in the car industry. Originally it use to be steel wheel but now it is increasing the percentage, consumption is increasing and there is a capacity shortage in the industry. Our customers will be Maruti Suzuki and in the near future we will go for other customers such as Mahindra, Honda etc.
Minda Ind stock price
On February 27, 2015, at 09:23 hrs Minda Industries was quoting at Rs 624.50, up Rs 32.50, or 5.49 percent. The 52-week high of the share was Rs 655.00 and the 52-week low was Rs 167.00.
The company's trailing 12-month (TTM) EPS was at Rs 40.98 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 15.24. The latest book value of the company is Rs 208.14 per share. At current value, the price-to-book value of the company is 3.00.
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