Dec 21 2010
N K MINDA Group, the USD 380 mn technology leader in Auto Components Industry, and Kosei Aluminum Co., Ltd., a leading manufacturer of Alloy Wheels in Japan, today announced the formation of a Joint Venture (JV).
The JV company, subject to the approval of the ROC (Registrar of Companies), in India shall be named KOSEI MINDA ALUMINUM CO. LTD., and will be established in Chennai. The JV Company is to engage in the development, manufacturing and sales of aluminium alloy wheels and precision aluminium die casting parts for major OE car manufacturers. The Start of Production (SOP) is set to be in summer of 2012 with a set annual volume of 300,000 pieces and from year 2014 it will increase to 600,000 pieces wheels annually.
The JV Company shall have an authorized capital of 500 million rupees with an equity share of 60% -40% of KOSEI and MINDA respectively. The initial investment and the most important aspect of the JV is the availability of top-notch Japanese technology in aluminium casting, which KOSEI will infuse in this joint venture.
In order to cover the broad market opportunities in India, KOSEI and MINDA will establish another joint venture on the outskirts of Gurgaon in Northern India and in this case MINDA will hold the majority share.
Source: http://www.mindagroup.com/