Uno Minda, Kosei Aluminum in JV to manufacture, sell alloy wheels1 min read . Updated: 26 Feb 2015, 07:28 PM IST
The new project will be set up with a total investment of `200 crore, with Uno Minda holding a 70% stake and Kosei Aluminum 30%
Mumbai: Uno Minda, a Delhi-based auto components maker, has formed a joint venture with Kosei Aluminum Co. Ltd, a Japanese alloy wheel maker, to manufacture and sell alloy wheels in India, the Indian firm said in a note on Thursday.
The companies have a plant operating in Chennai since 2010.
The new project will be set up with a total investment of ₹ 200 crore, with Uno Minda holding a 70% stake and Kosei Aluminum 30%.
The new company, called Minda Kosei Aluminum Wheel Pvt. Ltd, will be established in Bawal, Haryana, and will manufacture aluminium alloy wheels for car makers in India, including Mahindra and Mahindra Ltd and Maruti Suzuki India Ltd.
It would commence production from February 2016 and will have a capacity of 60,000 units per month in the first phase.
This is Uno Minda’s third collaboration with a Japanese firm in the last six months.
In December it entered into a joint venture (JV) with Toyoda Gosei Co. Ltd to manufacture and sell rubber hoses to automobile makers in India.
In October, it entered into a JV with Panasonic Corp. for manufacturing lead acid batteries.
There are close to 250 Japanese component makers already operating in India, according to the Auto Component Manufacturers Association (Acma)—a number that is set to swell by 35-40% over the next five years as Japanese parts makers boost investments in the Indian market, Mint reported in October, citing analysts and investment bankers.