Spark Minda to set up Sub Assembly unit in Yerwada Jail

Spark Minda, Ashok Minda Group through its flagship company, Minda Corporation Limited is set to install and set-up a manufacturing automotive lockset sub-assembly unit at the female cell of Yerwada Jail in Pune.

The inmates will learn skills required in the manufacturing and finishing of automotive locks. Setting up of the automotive locks will facilitate female inmates to earn basic livelihood. A special female cell of Yerwada Jail has around 30 female jail inmates who will be trained to work on a shop floor. The Minda Group will also pay the compliance wages to the Jail Authorities, which will subsequently be paid to the inmates through them.

The company will provide entire machinery, raw materials, transportation of goods and other systems and procedures as per the MoU signed between Minda Corporation Limited (MCL) and Yerwada Central Prison. The shop-floor, on the other hand, will be run and maintained by jail inmates under the dedicated supervision of MCL.

On Tuesday, the share of the company hit an intraday high at Rs. 156 per share and an intraday low of Rs. 152.80 per share on the BSE. The company's 52-week high was Rs. 229 per share and its 52-week low was Rs. 102.40 per share on the BSE.

At 14:40 hours, the stock of Minda Corp Ltd was trading at Rs.152.80, down by 0.65 per cent. The BSE Sensex was quoting 37,909.51 level, up by 0.70 per cent while Nifty50 quoted 11,443.50 level, up by 0.77 per cent.