CAPTION: (L to R)
Miyazaki, Exec. Vice President, Toyoda Gosei; J K Menon, ICS Domain CEO,UNO Minda
Group; N K Minda, CMD, UNO Minda Group and T Arashima, President, TG Worldwide
UNO Minda, part of the NK
Minda Group, an major Indian automotive supplier has entered into a joint
venture with Toyoda Gosei Co. Ltd. of Japan to manufacture and sell rubber
hoses in India. The collaboration was finalised between Nirmal K. Minda,
Chairman & MD, UNO Minda Group and Tadashi Arashima, President, TG
The Joint Venture will be set
up with total investment of Rs 853 million (Rs 85 crore) in phased manner and
will have an authorised capital of Rs 54 crore with an equity share of 51pc
with UNO Minda, 44pc with Toyoda Gosei Co. Ltd and 5% with Toyota Tsusho
Corporation. The new JV Company will be known as Minda TG Rubber Pvt. Ltd and
will have a manufacturing plant at Bawal, Haryana. initially and start of production planned in
third quarter of fiscal year 2015.
UNO Minda and Toyoda Gosei
have an existing collaboration in India since 2011 for manufacture and sale of
safety products (viz. steering wheel with airbags, body sealings etc) with
manufacturing facility setup at Neemrana. In addition, UNO Minda had setup a fuel
cap division last year with technical support of TG. However to address, the
growing market of brake and fuel hoses in India, UNO Minda & Toyoda Gosei
expect to achieve additional synergies in areas of product development &
technology as well as making substantial inroads into new customer segments,
resulting in a larger customer footprint.
On the occasion Nirmal K
Minda, CMD, UNO Minda Group said, “With the rapid technological advancement,
customers' demand for hoses is proliferating. We wish to further strengthen our
product portfolio with support of Toyoda Gosei who has comprehensive experience
of automotive safety systems, at the same time, ensuring better automotive
component solutions to our strong customer base.”
Arashima stated “Since 2011, Toyoda Gosei and
UNO Minda group have been cooperating with each other through the joint
ownership of Toyoda Gosei Minda India Pvt. Ltd. (TGMIN), which Toyoda Gosei
originally established in 2008. It produces safety systems such as airbags and
sealing products such as weather strips. The new joint venture will further
strengthen the partnership between Toyoda Gosei and UNO Minda Group and help
both companies expand business in the growing market."
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