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Minda Corp gains on partnering Israel-based Ride Vision

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Minda Corporation added 1.89% to Rs 102.55 after the company signed a strategic partnership with Israel based company for first unique collision avoidance technology for two-wheelers in India.

In a regulatory filing made during market hours today, Minda Corporation announced its partnership with Israel-based Ride Vision, a leading ADAS (rider assistance systems) solutions company, to bring its range of artificial intelligence-enabled collision avoidance technology products for the Indian two-wheeler market for making the Indian road more safer.

Roads in India are known to be very busy with numerous vehicle types, unique road behavior and challenging maneuverability and Ride Vision's collision avoidance technology has been uniquely built to address these challenges, specifically for two and three wheelers.

The product offers multiple features including forward collision alert, distance keeping alert, blind spot alert, dangerous overtake alert, auto video recording, etc which helps the rider to react in real-time to critical threats and avoid accident and injury while on the road.

Minda's nation-wide reach and strong market share will make sure the product is successfully incorporated to the unique Indian market both as integrated into new motorbikes and in the aftermarket, to help fight the two-wheeler accident and fatality statistics.

Minda Corporation is an automotive component manufacturing company. The company has a diversified product portfolio that encompasses mechatronics; information and connected systems and plastic and interior for auto OEMs. These products cater to two/three wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market.

The company's consolidated net profit jumped 18.97% to Rs 49.48 crore on a 36.10% increase in net sales to Rs 739.80 crore in Q3 FY21 over Q3 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, April 08 2021. 13:11 IST