UNO MINDA (NK Minda Group) (Minda Industries Ltd.) Business Report FY ended Mar. 2018

-The Group is India’s largest Switch Player diversified across the 2Wheeler (2W) and 4Wheeler (4W) segments.

-It is No. 1 in Horns in India and 2nd largest Horns Player globally (post acquisition of Clarton Horns) 

-It is India’s 3rd largest Automotive Lighting Player, post-acquisition of Rinder Group

Financial Overview

(in INR Billion)
Uno Minda Group
FY ended Mar. 31, 2018 FY ended Mar. 31, 2017 change (%)
Sales 70 56 25%


Minda Industries Limited (Flagship company)
FY ended Mar. 31, 2018 FY ended Mar. 31, 2017 change (%)
Sales 45.48 36.65 24.1%
EBITDA 5.34 3.74 42.8%



-The near-term target is to achieve 25% from overseas business. It is closely reviewing and watching the situations for electric vehicle disruption. It is also mapping all of its existing products vis-à-vis EV vehicles to capitalise on the opportunities. The Group has plan to invest in the contemporary technologies, focus on R&D and work with the best people.


R&D Expenditures

(in INR million)
Minda Industries Limited
FY ended March 31, 2018 FY ended March 31, 2017 FY ended March 31, 2016
Overall 674 590.2 511.3
Overall R&D expenditure as a % of overall sales 3.5 3.6 3.5


R&D Facilities

-The R&D Centers of Minda Industries Limited are located at Nawada Fatehpur Manesar, Rasoi, Sonepat and Pune which have been approved by Department of Scientific and Industrial Research (DSIR).

-The Group has product patents and 192 design registrations. The Group has focused R&D team of over 200 people across 8 R&D Centres. It has 14 design centers located in India as well as Japan, Taiwan and Span. The Group has registered patents for over 180+ products. 


R&D Activities

-Specific R&D activities that Minda Industries Limited limited focused on in the fiscal year ended March 31, 2018:

  • R&D activities involves Sealed Brake Switch, USB Charger, Heated Grip, Smart USB Charger, SAB Unit and 2W Flasher etc.
  • Future plans in R&D includes Design and Development of Light Weighted Front, Fog Lamps, Fuel Injection System, Lighting Control System, Speed Sensor, Power Socket, Tactile Switching Technology, Smart Switch System, Integrated Blinker with Hazard Switching System, Winker with Flasher and Engine Stop with Start.

-Uno Minda Group has set up CREAT (Centre for Research, Engineering and Advance Technologies) 

>CREAT works in collaboration with other entities of the UNO MINDA group as well as other technology providers. Specializing in software, hardware, mechanical and creative design, the team of engineers and designers at CREAT work in the following four product spaces:

  • Cockpit Electronics and Advance Technologies
  • Body Exterior and Safety Technologies
  • Creative Design and Innovation
  • Product Assurance Lab

-The independent creative design studio (INITIA) provides innovative design solutions for concepts, prototypes and production projects with industrial design for automotive exteriors, interiors and accessories for global automotive customers.


Technological Alliance

-During the fiscal year ended March 31, 2018, The Group has entered into an agreement with TTE, Taiwan for ADAS.


R&D Center

-The Group has following R&D and design center.

Location Type Facilities
Sonepat Domestic R&D Center
Manesar Domestic R&D Center
Pune Domestic R&D Center
Gurugram Domestic R&D Center
Bawal Domestic R&D Center
Spain International Design Center
Taiwan International Design Center
Japan International Design Center



-Fiscal year ended March 31, 2018 Customer Awards:

Award Group Company
Maruti Suzuki - Special Support Minda Kosei Aluminium Wheel Pvt. Ltd
Maruti Suzuki - Overall Performance and Comprehensive Excellence Minda D-ten Pvt. Ltd
Mahindra - Supplier Business Capability Building Mindarika Pvt Ltd
Toyota - Best Supplier – Quality Minda TG Rubber
HMSI - Delivery Management MIL Switch Division
Bajaj - Quality & TPM Award MIL Acoustic Division
Yamaha - Excellence in Quality MIL Switch Division


Developments in India and overseas

-On March 30, Uno Minda Group announced the acquisition of 6.13% stake for a total consideration of INR 200 million in Toyoda Gosei Minda Private Limited, a joint venture between UNO Minda, Toyoda Gosei and Toyota Tsusho corporation Japan. 

-On March 31, Minda Industries announced the expansion of sensors, actuators and controllers division of the company to develop and manufacture BS VI products. The project cost approved is INR 1 billion. The commercial production is expected to start from December 2019.

-On March 31, Minda Group also announced a new plant in Gujarat for wheel and tire assembly for Suzuki plant in Gujarat. The project cost is INR 468 million. The project is expected to be commissioned by January 2019.

-On November 22, The Uno Minda Group announced that it board of director has approved the investment in the equity shares of Mindarika Pvt. Ltd. (MRPL).
Acquisition is part of ongoing group consolidation exercise. Minda Industries Limited already holds a 27% stake of MRPL. On acquisition of further 23.9% stake, the total shareholding will become 51%.

-On September 28, UNO Minda Group announced it is expanding its manufacturing capacity in Mexico with a new plant to produce automotive horns. The new USD 15 million plant will become operational in April 2018.

-On July 11, Minda Industries Limited (MIL) announces to acquire the remaining 2% shareholding of M J Casting Limited (MJCL) from Neel Metal Products Ltd. on July 1.
With the above acquisition, MJCL has become a wholly owned subsidiary of MIL. MIL paid INR 11.7 million to acquire the shares.

-On May 22, Toyoda Gosei Co., Ltd. announce a new plant in Gujarat supplying airbags, weather-strips and other automotive parts to Suzuki Motor Gujarat (SMG) with an investment of INR 732 million.  It will be a branch plant of Toyoda Gosei Minda India Private Limited (TGMIN), a subsidiary of Toyoda Gosei. The plant is expected to generate sales of INR 2.5 billion by fiscal year 2021.

-On May 16, Minda Industries Limited (MIL) announces about setting up a new plant of Minda Kyoraku Co. Ltd in Gujarat for the manufacturing of blow-moulded parts.

-On May 12, Minda iConnect Pvt Ltd, the connected vehicle and telematics arm of the UNO MINDA Group, and Microsoft India announced a strategic collaboration to drive connected vehicle technologies for the automotive industry in India. Microsoft will help UNO MINDA develop technologies that will bring together artificial intelligence (AI), advanced machine learning, and the Internet of Things (IoT) capabilities on the Microsoft Azure cloud.

-On April 27, Minda Industries Ltd.(MIL) has signed a 50:50 Joint Venture Agreement with Tung Thih Electronic Co. Ltd., (TTE), Taiwan to develop, manufacture, market and sale of Driving Assistance Products & Systems (DAPS) and Safety Systems including Reverse Parking Assistance System (RPAS), Camera, Automatic Parking Systems, Tyre Pressure Monitoring Systems (TPMS)