Minda Industries, the flagship company of the UNO Minda group, has decided to acquire the 49% stake from its existing JV partner in its Harita Fehrer.
Minda Industries holds 51% in Harita Fehrer. According to a regulatory filing, the Board of Directors of the company has approved the purchase of the remaining 49% stake from its joint venture partner FS Fehrer GmbH for a purchase consideration of INR 115 crore.
Following the acquisition, Harita Fehrer will become a wholly-owned subsidiary of Minda Industries.
Harita Fehrer was set up as a joint venture with FS Fehrer GmbH in 2010, and had become a subsidiary of Minda Industries pursuant to the merger of its erstwhile parent company, Harita Seating Systems.
Harita Fehrer is engaged in the manufacture of flexible foams, seats for two- and three-wheelers, and Long Fibre Injections (LFI).
Over the years Harita Fehrer has fully internalised advanced seating technologies and has become fully self-reliant. The company said it will continue to further strengthen its seating business by leveraging on the long-standing and entrenched customer relationship of the group.