Uno Minda: Stock opens higher following news of JV-entities’ buyout

Uno Minda, a supplier of proprietary automotive solutions and systems to original equipment manufacturers, has bought its JV partner Kosei’s stake in Kosei Minda Aluminum and Kosei Minda Mould.

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Uno Minda opened 2.5 percent higher on March 21 from its previous day close following news of it buying its JV partner Kosei’s stake in Kosei Minda Aluminum (KMA) and Kosei Minda Mould (KMM).

KMA develops, manufactures and sells aluminium alloy wheels and does precision aluminium die-casting of parts for OEMs. It is also into casting metals to make finished or semi-finished products.

Uno Minda’s senior management said they are “extremely positive” on the 4W-alloy wheel industry, which is expected to grow 4 times over the next decade.

The stock opened at Rs 474 on the BSE on Tuesday, after closing at Rs 462.15 yesterday. It was trading around Rs 469 at 9.45 am.

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In a March 20 filing, Uno Minda said its board has approved the acquisition of 81.69 percent stake in KMA and 49.90 percent stake in KMM from joint venture partner Kosei, Japan (Kosei).

It will be a share swap, and, for the transaction, KMA and KMM have been assigned an enterprise value of around Rs 60 crore and around Rs 11 crore, respectively.

Uno Minda, formerly known as Minda Industries Ltd, is a Tier-1 supplier of proprietary automotive solutions and systems to original equipment manufacturers (OEMs).

“Following statutory clearances, Uno Minda should start managing the business and operations of these two entities with effect from April 2023,” the filing added.

Wheels segment

According to the brokerage Amsec, from this February, its analysts had spoken to dealers across five states and Delhi/NCR, and noted that Uno Minda expected its wheels segment to reach a penetration of 30 percent in the four-wheeler category.

The company had shared plans of expanding its capacity from 3,00,000 per month, operating at 85-90 percent capacity, by another 1,00,000 per month with brownfield expansion over the next 12 months. Their capex layout for this was around Rs 300 crore.

Also read: Atul Auto shares rise after ace investor Vijay Kedia raises holding

The company’s key clients continue to be Maruti and M&M, and with the success of their premium models, growth visibility continues to be strong for this segment, noted the analysts.

Uno Minda has also set up a dedicated technology – LPDC — for Korean counterparts Kia and Hyundai, the analysts noted. The initial capacity for this is 25,000 units per month.