Gurgaon, December 6, 2012: Japanese company Nabtesco Automotive Corporation, which manufactures air brake components and the Manesar-based UNO Minda, NK Minda Group have announced a joint venture in India for design, manufacture and sale of air brake products for commercial vehicles and clutch actuation systems for passenger vehicles. The JV agreement was signed today at Gurgaon, Haryana.
The JV called Minda Nabtesco Pvt Ltd will be set up with equity of Rs 37 crore in a 51: 49 partnership with UNO Minda holding 51 percent and Nabtesco 49 percent. The 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 the NK Minda Group to explore the India market for our products. We are confident that this association will benefit both of us in the long term.”
N K Minda, CMD, UNO Minda, said, “We are delighted to partner with Nabtesco for air brake and clutch products. The company is renowned for its technical excellence, exhaustive product expertise and extensive experience in Japan. With this partnership, we are strategically venturing into a new product line, in keeping with our diversification and consolidation approach to the Indian market.”