The TVS group has a broad range of investments in automotive ancillary companies and global revenues in excess of USD 7 Billion. SFHL has acquired a minority stake in order to support the expansion of MIND in the rapidly growing composite materials space.
Globally, as automakers look for solutions to lightweight their vehicles, they are increasingly turning to high-strength materials such as composites. While the use of composites has been extensive in motorsport and luxury vehicles, there is an increasing trend to leverage these materials in mass production and electric vehicles due to the benefits in energy-efficiency. This strategic investment in MIND would enable SFHL to facilitate the sharing of manufacturing excellence, systems and automation, together with MIND’s composite manufacturing expertise.
Commenting on the investment, Mr. Srivats Ram, Director, SFHL, said:
“The partnership with MIND is the first step for our group to enter the composite domain where weight reduction is becoming more and more important in the automotive and industrial domains. We believe that our vast experience in automotive, large volume part manufacturing and low-cost automation will help enhance the adoption of composites”.
Mr. Francesco Varrasi, CEO and Founder, MIND added:
“We are excited to start the partnership with Sundaram Finance Holdings and leverage the group’s global footprint, their expertise in the automotive industry and gain a partner with a strong footprint in India. This can complement our capabilities and help us expand and strengthen our business in composite part manufacturing. The new partnership will allow to complete the full set of innovation we have in progress which will give MIND a significant technological boost, to help following the growing demand and need expressed by the existing customers and a particular importance in a year of great uncertainty for the whole sector”
MIND was founded in 2006 and has since then established long-term relationships with marquee customers in the automotive industry along with a presence in aerospace and medical industries. MIND has unique expertise in structural and aesthetic composite design and part manufacturing: mold, prototypes (autoclave) and large volumes (press).
Sundaram Finance Holdings Limited is a Public Limited Company listed on National Stock Exchange of India, having its registered office at Chennai, India. SFHL has shareholding in a portfolio of auto ancillary business, many of them co-promoted with the TVS group, which includes Brakes India, Turbo Energy, Wheels India, Axles India, India Motor Parts and Accessories, Sundaram Clayton and Lucas TVS. SFHL has a shareholding in 19 portfolio companies with a total asset size of Rs. 1300 crores as of 31st March 2020.
Industries: Automotive & Road Transportation