Mumbai, Dec 14 (IANS): Outperforming the broader market sentiments, shares of Minda Industries have risen by around 159 per cent so far in 2021.

Since the beginning of the year, the company's share price has rallied from as low as Rs 398. On Tuesday, its shares hit a 52-week high of Rs 1,073. However, it settled at Rs 1,031, down 0.7 per cent from its previous close.

Minda Industries is into supplying automotive solutions to original equipment manufacturers since 1958.

It has 71 manufacturing plants in India, Indonesia, Vietnam, Spain, Morocco, Mexico, Colombia, Germany, and design centres in Taiwan, Japan and Spain. It also has sales offices in North America, Europe and ASEAN countries.

On last Friday, the firm signed a joint venture agreement with Germany-based 'FRIWO AG' to further accelerate its electric vehicle products initiatives, to combine their manufacturing prowess and technical expertise to manufacture and supply various electric vehicle components in the Indian subcontinent.

The German company deals in power supply devices and e-drive solutions.

Minda Industries will hold a majority stake of 50.1 percent in the joint venture entity.

"The company expects a surge in two-wheel electric vehicles over the next five-six years in India. While the joint venture plans to incur capex of Rs 390 crore over a period of next six years to support such growth in India, the outlay in initial two years would be around Rs 160 crore," Minda Industries said in a regulatory filing.

"The board has also approved investment of 15 million euros in FRIWO AG via a capital increase in order to strengthen the industrial partnership between the two groups. The planned transaction and the capital measure is subject to regulatory approvals, including the Reserve Bank of India," it added.

Minda Industries' market capitalisation is worth Rs 29,451 crore, NSE data showed.

Besides, a calibrated shift towards electric vehicles and a green fuel-driven world seems to have lifted the auto component maker's shares.