Corporation of Japan and Technico India Pvt Ltd have formed a new joint venture
company Shiroki Technico India Private Limited. Shiroki will have a 51pc stake
in the new JV while Technico will have the remaining. The JV was formed with an
investment outlay of Rs 150 crore over the next two years.
Corporation (an affiliate of Toyota Motor Corp), one of the
leading global players for interior and exterior components for automobiles had
till recently a presence in India by way of holding minority stake in Technico
Industries Limited (Technico), a Haryana based leading Indian auto component
player engaged into manufacturing of window regulators, seat sliders, hinges
and other auto components.
companies have now executed binding agreements allowing them to exit the
current relationship and hiving off Seat & Window Regulator Business into the
new JV. The joint venture has been approved by the Board of both the companies and
is expected to be operational in early 2015, after obtaining and subject to all
necessary corporate, legal and regulatory approvals.
Gupta, Managing Director, Technico Industries Limited commented on this
development and said, “We are Tier I to major OEMs, the new technology being
introduced by Shiroki will help us achieve tremendous growth through new
products for our customers. It will also help satisfy and cater quickly to the
growing demand from other OEMs.”
"The new JV
Company is an important step for the Shiroki Corporation and represents strong
intention of the Group to expand into the Indian market. We value our long term
partnership with Technico and will continue to leverage our partnership to
invest in product developments and innovations for markets both in India and
around the world" said by the representative of Shiroki Corporation
a result of this restructuring, both the Groups will focus on their respective
core competencies to enhance the JV’s competitiveness in times to come. Support
for sheet metal related operations will be provided by Technico and Shiroki shall
be providing latest technology and design support.
Advisors acted as the transaction advisor to Shiroki and Global Advisors (Singapore) was the transaction advisor
to Technico. BMR Legal acted as the legal advisor on the transaction.
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