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Uno Minda, an auto components maker, has approved increasing its stake in joint venture firm Minda Westport Technologies Ltd (MWTL) to 76%. The company plans to acquire an additional 26% stake from its joint venture partner, Westport Fuel Systems Italia. The purchase consideration for the stake is around Rs 15 crore.
The company's board has approved increasing stake in Minda Westport Technologies Ltd (MWTL) from 50 to 76 per cent by acquiring an additional 26 per cent stake from its joint venture partner Westport Fuel Systems Italia, Uno Minda said in a statement.
The acquisition of shares for about INR 14.81 crore is targeted to be completed by March 31, 2024. Uno Minda and Westport are also amending the joint venture agreement to include future hydrogen components in addition to CNG/LNG/LPG components and kits in the JV territory of South Asia comprising India, Bhutan, Sri Lanka and Nepal, the company said.