Auto component maker Minda Corporation today said its subsidiary Minda SAI Ltd has fully acquired EI Labs India for a consideration of Rs 6.5 crore.
Minda SAI Ltd, a subsidiary company of Minda Corporation has acquired 100 per cent equity of EI Labs India Pvt Ltd from the existing Indian promoters, the company said in a BSE filing.
The acquisition is a part of long term strategy of Minda SAI for growth to diversify into the new line of business of connected mobility and internet of things, it added.
EI Labs India is into the business of designing, development, manufacturing and distribution of telematics products and solutions for automotive and non-automotive applications.
Stock of Minda Corporation was trading 0.46 per cent down at Rs 108.55 apiece on BSE.
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