Sundaram Finance Holdings to raise stake in Italy’s Mind S.r.I. to 48.90% ; to buy additional stake of 8.30% for EUR 2 Million
Biznextindia : Sundaram Finance Holdings on Monday announced additional investment of about Euro 2 Million representing a stake of upto 8.30%, in Mind S.r.I., Italy (MIND).
“The Board of Directors, at the meeting held today at 10:00 A.M., approved an additional investment of upto Euro 2 Million in the form of cash consideration (excluding costs, if any, to be incurred in connection with the proposed investment), representing a stake of upto 8.30%, in Mind S.r.I., Italy (MIND), an entity engaged in the manufacturing of composite materials components for the automotive, aerospace and medical sectors” said the company.
“Upon receipt of all necessary statutory and regulatory approvals, the proposed investment is likely to be completed by end of September 2021. After this proposed investment, SFHL’s stake in MIND will increase from 40.60% to 48.90%” it added.
Mind S.r.I. (MIND), based in Bologna, Italy, was founded in the year 2006 and is engaged in Engineering and manufacturing of composite matenal components for the autornotive, aerospace, and medical sectors. Promoted by its three founders, Francesco Varrasi, Denis Luci and Pietro Pometti, MIND has over the years established long term relationshipe with some marquee oustomers in the automotlve domaln with a focus on motorsport segment, along with a small presence in aerospace and medical segment. The Company is involved in engineering, manufacturing and assembly of molds and parts in the composite materials space. The company has reported a turn over of EUR 4.45 Million in 2020.