The Board approved to enter into joint venture agreement with FRIWO AG, Germany and its affiliates ("FRIWO") and accordingly to make a joint venture company with FRIWO for EV products and authorised to make investment upto Rs. 71 crore from time to time in one or more tranches over next three years for 50.1% stake in proposed joint venture Company in India subject to the requisite approval of appropriate authority if any.

The JV Company will be a subsidiary of Minda Industries. The total capital expenditure to be incurred over the period of six years in the proposed joint venture company would be Rs. 388 crore (Approx.).

FRIWO AG through its subsidiary FRIWO GmbH has a subsidiary in India namely Friemann and Wolf India. Existing Business of Friemann and Wolf India will be transferred to the joint venture company.