Pic caption: Illustration shows the various parts manufactured by
Shiroki Corporation (an
affiliate of Toyota Motor Corp), one of the leading global players for interior
and exterior components for automobiles, has taken a 51pc equity stake in a new
joint venture company with Technico named Shiroki Technico India Private
According to a press note, the
Japanese company had a presence in India by way of holding minority stake in
Technico Industries Limited (Technico), a Haryana based Indian auto component
player engaged into manufacturing of window regulators, seat sliders, hinges
and other auto components.
Shiroki Corporation and
Technico agreed to split the current business into two parts – (a) hinges and
sheet metal components where Shiroki has exited and (b) window regulator and
seat business which is now under a JV “Shiroki Technico India Private Limited”.
While Shiroki has a 51pc stake
in this new JV, the remaining 49 pc remains with Technico. An investment outlay
of Rs 150 crore has been earmarked over the next two years.
Arun 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
"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
As 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 to the JV.
BMR Advisors acted as the sole
transaction advisor to Shiroki and Global Advisors (Singapore) was the
transaction advisor to Technico. BMR Legal acted as the legal advisor on the
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