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Minda Industries Ltd approved the purchase of the 49% stake in Harita Fehrer Ltd held by F.S. Fehrer Automotive GmbH for a total consideration of Rs. 115 Crores. Post acquisition, Harita Fehrer will become a wholly owned subsidiary of Minda Industries.
Minda Industries' board approved the merger with Harita Seating Systems, also acquiring a 51% stake in Harita Fehrer Limited, a joint venture with Fehrer Automotive GmbH. Harita has 12 manufacturing plants across India.