UNO Minda and Nabtesco Automotive Corporation Announce Joint Venture
UNO Minda and Nabtesco Automotive Corporation Announce Joint Venture to Develop Air Brakes and Clutch Actuation Systems for Medium & Heavy Commercial Vehicles.
- (1888PressRelease) December 08, 2012 - New Delhi, India and Tokyo, Japan - Nabtesco Automotive Corporation, Japanese market leader for producing air-brake components (headquartered at Tokyo, Japan) and leading Indian auto components manufacturer Uno Minda, NK Minda Group (headquartered at Manesar, Haryana) have announced a Joint Venture in India for designing, manufacture and sale of Air Brake Products for Commercial Vehicles and Clutch Products for Passenger Vehicles. The JV agreement was signed today on 6th December at Gurgaon, Haryana.
The Joint Venture will be set up with equity of INR 373 Million in a 51: 49 partnership with UNO Minda holding 51% and Nabtesco holding 49% of the equity. The new company will be known as Minda Nabtesco Pvt. Ltd. The JV's manufacturing plant will be set up at Pantnagar, Uttarakhand with start of production planned in July 2014. This JV is being considered as a major move by both the partners as it will help them establish a new product line and explore new markets.
Commenting on the association, Mr. Shinji Juman, President, Nabtesco Automotive Corporation said, "This association brings us together with one of the leading Auto components manufacturer in India. We are pleased to team up with NK Minda group to explore the India market for our products. UNO Minda has an in-depth knowledge and pertinent experience on market dynamics. We are confident that this association will benefit both of us in the long term."
Mr. N K Minda, CMD, UNO Minda, said on the occasion, "We are delighted to partner with Nabtesco for Air Brake and Clutch products. They are renowned for their technical excellence, exhaustive product expertise and extensive experience in Japan. With this partnership, we are strategically venturing into a new product line, in keeping with our diversification and consolidation approach to the Indian market."
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