Uno Minda gained 3.45% to Rs 565.35 after the company's board approved the joint venture with Tachi-S for manufacturing and marketing of seat recliners for four wheeler passenger vehicle in India.
The joint venture will offer various products including recliners in first phase with the intention of expanding into other seating mechanisms, seat frames and complete seating assembly. Uno Minda will hold 51% stake in the joint venture while the remaining stake will be held by Tachi-S.Tachi-S is an integrated automobile seat manufacturer (from development to production). They have 70 facilities in 13 countries and provide products and services to leading original equipment manufacturers (OEMs) around the world. Their consolidated revenue for fiscal year 2022 was 206 billion yen.
The joint venture will help expand the company, its seating systems product offering in four wheeler passenger vehicle as well. In first phase, the board has also approved investment up to Rs 10 crore for recliner product which has qualified for business from Indian OEMs.
Nirmal K Minda, CMD of Uno Minda Group said, Uno Minda has always been forefront in offering cutting edge technologies and best in class products to its customers. This partnership with Tachi-S will expand our seating portfolio to now bring the latest seating technologies for four wheeler passenger vehicle in India. The partnership will enable joint venture to successfully establish a leading position in automotive seating system for passenger vehicle segment as well.
Yuichiro Yamamoto, CEO of TACHI-S commented, We are delighted to partner with Uno Minda, a leading player in automotive component and system, to expand our footprints in one of the largest automotive markets India. The combination of TACHI-S seating expertise and Uno Minda's manufacturing capabilities, we can create a true leader in the rapidly growing Indian automotive seating market.
Uno Minda (formerly Minda Industries) is a leading global supplier of proprietary automotive solutions and systems to OEMs as Tier-1. It is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels in India.
The company's consolidated net profit surged to Rs 138.79 crore in the quarter ended June 2022 as against Rs 15.42 crore during the previous quarter ended June 2021. Sales rose 59.45% to Rs 2555.19 crore in Q1 FY23 over Q1 FY22.
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