New Delhi: Sundaram Finance Holdings Ltd (SFHL) announced on Monday that its board of directors has approved an additional investment of up to two million euros (approximately INR 17.57 crore) to take a stake of 8.3 % in Mind Srl of Italy which manufactures components in composite materials for the automotive, aerospace and medical sectors.
SFHL’s stake in Mind will now increase from 40.6% to 48.9%. “The additional investment will take the form of a cash consideration, excluding any costs to be incurred,” SFHL said in a statement.
Upon receipt of all necessary statutory and regulatory approvals, the proposed investment is expected to be completed by the end of September 2021.
Promoted by its three founders, Francesco Varrasi, Denis Luci and Pietro Pometti, Mind has over the years established long-term relationships with some renowned clients in the automotive field with a focus on the motorsport segment, as well as ‘a small presence in the aerospace and medical segments. .
Its turnover rose to 4.45 million euros in 2020 against 3.96 million euros in 2019 and 6.34 million euros in 2018.
Sundaram Finance Holdings operates primarily as a holding company, owning a portfolio of companies engaged in automotive manufacturing, including brakes, turbochargers, ferrous castings, axles, wheels and fuel injection.
Sundaram Finance Holdings Ltd reported net profit of INR 5.13 crore for the quarter ending June 30, 2021, up 80%, the company said Thursday.