Nirmal Minda controlled Uno Minda and Kosei Aluminum Co. ltd. a leading Japanese alloy wheel manufacturer have entered into a joint venture agreement to manufacture and sell alloy wheels in India. The JV ceremony took place at Kosei’s Head Office in Toyota City, Aichi, Japan. The JV agreement signed by N K Minda(CMD, UNO MINDA) and Shunkichi Kamiya(President & CEO, Kosei Group).
The aforesaid companies have an existing plant operating in Chennai since 2010. The new project will be set up with total investment of Rs 200 crore for first phase of production and with an equity share of 70 pc with Uno Minda and 30 pc with Kosei Aluminium Co. Ltd.
The proposed name of the Joint Venture Company is Minda Kosei Aluminum Wheel Pvt. Ltd. and will be established in Bawal, Haryana. The JV Company is to engage in the development, manufacturing and sales of aluminium alloy wheels for major OE car manufacturers. The start of production is planned from February 2016 with a capacity of 60,000 units per month(1st Phase).
“We have been associated with Kosei since 2010 and with this new joint venture, we are confident that this would further strengthen our association. Also with technical support of Kosei we will be able to serve our customers with quality alloy wheels. We have confirmed business from Maruti Suzuki and are in advance stage of discussion with Mahindra & Mahindra,” reiterated Minda.
“We are confident that with Uno Minda having a strong customer base in India, we will be able to increase our footprints in growing Indian market and contribute to the development of the industry,” said. Kamiya.
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