Minda Corporation said that it has entered into and signed a Joint Venture Agreement with HSIN Chong Machinery Works Company for manufacturing of automotive sunroof solutions and closure technology products for passenger cars in India.
This joint venture shall be operational through incorporation of a new joint venture entity, Minda Corp added.
The initial ratio of shareholding in the proposed JV company (JVC) shall be held 50% by Minda Corporation and 50% shall be held by HSIN Chong Machinery Works Company (HCMF).
Taiwan-based HSIN Chong Machinery Works Company is a leading global manufacturer of automotive sunroof and closure systems. The company is engaged in the manufacturing of various products groups like roof system, comfort closure system, door and closure mechanical system, seat system and mechanical & mechatronic system. The company operates via its 29 sales, technical and manufacturing facilities spread globally.
With evolving consumer preferences and premiumisation, the market for sunroof in India is expected to grow significantly. This this collaboration will offer advanced products and technologies in the vehicle access space, particularly for passenger cars increasing the content per vehicle.
Ashok Minda, chairman & group CEO Minda Corporation said: We are delighted to announce the signing of a joint venture agreement with HCMF, a partnership that will pave the way for smart mobility solutions.
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This collaboration underscores our commitment to Atamnirbhar Bharat, as we strive to deliver comprehensive system solutions encompassing product design, development, and manufacturing for passenger vehicles.
Furthermore, Spark Minda is committed to expanding our four-wheeler segment offerings by enhancing kit value, ensuring greater benefits for our customers. Our continuous endeavor is to introduce advanced technology products that will drive the next phase of our growth.
Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan India presence and significant international footprint. It is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers.
The scrip had advanced 1.25% to end at Rs 455.90 on the BSE on Friday.
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