Uno Minda forms JV with Japan’s Toyoda Gosei to sell hoses
1 min read 08 Dec 2014, 03:46 PM ISTThe JV will be set up with a total investment of Rs85.3 crore in a phased manner and will have an authorized capital of Rs54 crore
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Mumbai: Automotive supplier UNO MINDA and Japan’s Toyoda Gosei Co. Ltd, on Monday announced a joint venture (JV) partnership to manufacture and sell rubber hoses to automobile makers in India.
The JV will be set up with a total investment of ₹ 85.3 crore in a phased manner and will have an authorized capital of ₹ 54 crore. UNO MINDA will hold 51% in the JV, Toyoda Gosei 44% and Toyota Tsusho Corp, a Japanese trading company, 5%, the firm said in a release.
The new JV company will be known as MINDA TG Rubber Pvt. Ltd and its manufacturing plant will be set up at Bawal, Haryana.
UNO MINDA and Toyoda Gosei have an existing collaboration in India since 2011 for manufacture and sale of safety products such as steering wheel with airbags, body sealings, etc, with a manufacturing facility at Neemrana
In addition, UNO MINDA Group had set up a fuel cap division last year with technical support of Toyoda Gosei.
“With the rapid technological advancement, customers’ demands for hoses are proliferating. We wish to further strengthen our product portfolio with support of Toyoda Gosei who has comprehensive experience of automotive safety systems. At the same time, ensuring better automotive component solutions to our strong Customer Base," said Nirmal K. Minda, chairman and managing director, UNO MINDA Group.
In October, UNO MINDA had entered into a JV with Japan’s Panasonic Corp. for manufacturing lead acid batteries. The manufacturing plant of the JV will be based in Uttarakhand.
