UNO Minda, Nabtesco Automotive Corpn. form JV

Uno Minda of India has entered into a joint venture with Nabtesco Automotive Corporation, Japanese market leader for producing air-brake components (headquartered at Tokyo, Japan). The JV in India will design, manufacture and sell air brake products for commercial vehicles and clutch products for passenger vehicles. The JV agreement was signed on December 6, 2012 at Gurgaon, Haryana. The Joint Venture will be set up with equity of Rs 37.3 crore in a 51: 49 partnership with UNO Minda holding 51pc and Nabtesco holding 49pc of the equity. The new company will be known as Minda Nabtesco Pvt. Ltd. The JV’s manufacturing plant will be set up at Pantnagar, Uttarakhand with start of production planned in July 2014. This JV is being considered as a major move by both the partners as it will help them establish a new product line and explore new markets. Commenting on the association, Shinji Juman, President, Nabtesco Automotive Corporation said, “This association brings us together with one of the leading auto components manufacturer in India. We are pleased to team up with NK Minda group to explore the India market for our products. UNO Minda has an in-depth knowledge and pertinent experience on market dynamics. We are confident that this association will benefit both of us in the long term.”