New Delhi: Auto component maker, Ashok Minda Group, is close to acquiring a 51% stake in Australian company NTS Global, in a deal that maybe worth up to Rs70 crore ($17.14mn), according to a report filed by The Economic Times. After the acquisition the company will be renamed, Minda NTS (MNTS).

NTS Global specialises in design and manufacture of high quality precision tooling for the automotive, aerospace and defence sectors and supplies to auto makers like GM, Toyota, Mitsubishi and Ford. NTS Tooling Solutions specialises in the design, manufacture, modification and maintenance of high precision plastic injection moulds.

The Minda Group is involved in the manufacture of electronic and mechanical security systems, keys, instrument panels and clusters, connective systems and die-casting parts.

According to the report, post-acquisition, MNTS will set up a Greenfield unit in India catering to its tooling operations and another Greenfield unit in Germany. MNTS will serve Minda's in-house tooling requirements. Besides this the company will also service other original equipment manufacturers (OEM's).

The Minda group is composed of 10 companies manufacturing various components. According to industry sources, Minda intends to consolidate its operations into a single holding company, which in turn will help the Group to raise money through a public offering.

This will also be Minda's third acquisition in the last 18 months, and will follow the acquisition of a controlling stake in Valeo of France and in KTSN, a plastic injection company in Germany. Minda has also established joint ventures with Stoneridge, USA; Silca, Italy & Kaba, Switzerland.

The Ashok Minda Group is growing at a CAGR (Compound Annual Growth Rate) of over 40%. The Group has also reported a turnover of approximately $200 million.