New Delhi: Sundaram Finance Holdings Ltd (SFHL) said on Monday its board of directors has approved an additional investment of up to two million euros (about INR 17.57 crore) to pick 8.3 per cent stake in Mind Srl of Italy which manufactures composite materials components for automotive, aerospace and medical sectors.
SFHL’s stake in Mind will now increase from 40.6 per cent to 48.9 per cent. “The additional investment will be in the form of cash consideration excluding costs if any to be incurred,” SFHL said in a statement.
Upon receipt of all necessary statutory and regulatory approvals, the proposed investment is likely to be completed by 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 marquee oustomers in the automotlve domaln with a focus on motorsport segment, along with a small presence in aerospace and medical segments.
Its revenue moved up to 4.45 million euros in 2020 from 3.96 million euros in 2019 and 6.34 million euros in 2018.
Sundaram Finance Holdings primarily operates as a holding company, owning a portfolio of businesses engaged in automotive manufacturing including brakes, turbo chargers, ferrous castings, axles, wheels, fuel injection.
Sundaram Finance Holdings Ltd has registered net profit at INR 5.13 crore for the quarter ending June 30, 2021 up by 80 per cent, the company said on Thursday.
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Total income for Q1 FY22 was recorded at INR 19,368 crore compared to INR 12,163 crore in Q1 FY21. Revenues from operations were at INR 19,171.9 crore as against INR 11,969 crore in the first quarter of FY21.
Better volumes, price mix and efficiencies more than offset a negative impact from external forces such as raw material price increases, inflation, and exchange rates so far this year, the company said in a statement.