N K Minda Group Joins Hands With Kosei Aluminum
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 40:60 equity Joint Venture (JV). The signing ceremony on December 6, 2010 was held in Kosei's head office in Toyota City, Aichi Prefecture, Japan.
- (1888PressRelease) December 17, 2010 - New Delhi, India - The new JV was signed off by the CMD of Minda Industries Limited., Mr. Nirmal K Minda and the President and CEO of KOSEI, Mr. Shunkichi Kamiya.
The Joint venture 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.
"We are delighted to partner with Kosei and are confident that this JV will create a very strong local production base to offer market-leading, technology intensive Alloy wheels and Aluminium Die Casting Parts to India and global OEMs. With the complementary skills and experience brought to the new venture by both Kosei and Minda, we look forward to a successful launch of this Joint Venture," said Nirmal K Minda, CMD of N K Minda Group.
KOSEI has a strong base supply from its overseas companies in China, Philippines and Thailand. At the moment, KOSEI Japan and overseas has a combined annual production capacity of 3 million pieces wheels and due to the rapid growth in the market in India, the development of this fourth base in the overseas is very necessary.
Brief highlights of the Joint Venture
Company: KOSEI MINDA ALUMINUM COMPANY LIMITED
Chief Executive Officer: Mr. Masayoshi Inomata (currently, Trustee member of Board)
Capital: 500 million rupees (Approx. 10 billion yen)
Investment amount; 8.4 billion rupees (16 billion yen)
Investment ratio:
40% Kosei Aluminum Co., Ltd.,
20% Kosei Aluminum (Thailand)
40% NK MINDA Group
Product; Aluminum wheels for automobiles
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