Minda Industries Enters Agreement With KPIT Engineering & Impact Automotive
Minda Industries Limited (MIL) has entered into a definitive agreement with KPIT Engineering Limited and Impact Automotive Solutions Limited to purchase its Business related to Telematics hardware products consisting VTS-AIS 140, OBITS (On Bus Integrated Telematics Systems complying to UBS-II specifications) and Telematics product for School Bus. The agreement is subject to customary closing conditions and approvals. The consideration for the aforesaid transaction would be an initial payment of around Rs. 25 Crores. In addition to this, there will be certain milestone-related payments based on performance over the next 2.5 years.