Ashok Minda Group plans to list its holding firm in FY10

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New Delhi, Sept 2 (UNI) Country's leading auto component maker Ashok Minda Group today said it plans to list one of its holding firms next fiscal.

''We will definitely list one of our holding companies in FY 2009-10,'' Group Chairman Ashok Minda told reporters here.

However, the company still has to decide how much stake it will dilute and thereby raise the money from the capital market, he said.

''The idea is in the initial stage and we have not yet finalised the firm which will hit the stock market,'' Mr Minda said.

The Rs 1,000 crore Group plans to grow through both organic and inorganic way.

''Our strategy is to position Minda as a major global player in the auto component business and towards this objective, we are looking for various strategic opportunities in other parts of the world,'' he said.

The Noida-based company today announced the completion of acquisition of German-based automobile interior plastic maker Schenk Plastic Solutions.

''The company has purchased hundred per cent equity capital of Schenk through an all cash transaction,'' he said.

This acquisition is Ashok Minda Group's second European acquisition, with last year's purchase of another plastic interior plant at Pirna in Germany.

The Ashok Minda Group supplies security systems, driver information systems and plastic injection moulded interiors to many domestic as well as global OEMs.

Currently, it has 21 plants in India and overseas countries, like Germany, Indonesia and Vietnam.

After the acquisition, the German firm has been rechristened as Minda Schenk Plastic Solutions GmbH.

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