To address increasing demand of Rubber Hoses in India and to procure these components locally
On 7th November’2014, UNO Minda, NK Minda Group, an Indian major automotive supplier and Toyoda Gosei Co. Ltd., Japan entered into a Joint Venture partnership to manufacture and sell rubber hoses in India. The collaboration was finalized between Nirmal K. Minda, Chairman & MD, UNO Minda Group and Tadashi Arashima, President, TG Worldwide.
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The Joint Venture will be set up with total investment of INR 853 million in phased manner and will have an authorised capital of INR 540 million with an equity share of 51% with UNO Minda ; 44% with Toyoda Gosei Co. Ltd and 5% with Toyota Tsusho Corporation. The new JV company will be known as Minda TG Rubber Pvt. Ltd with manufacturing plant set up at Bawal, Haryana initially and start of production planned in third quarter of fiscal year 2015.
UNO Minda, NK Minda Group & Toyoda Gosei Co. Pvt. Ltd has 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 Group had setup a Fuel Cap Division last year with technical support of TG. However, to address the growing market of Brake & Fuel Hoses in India, UNO Minda & Toyoda Gosei expect to achieve additional synergies in areas of product development and technology as well as making substantial inroads into new customer segments, resulting in a larger customer footprint.
The new joint venture will further strengthen the partnership between Toyoda Gosei and UNO Minda and help both companies to expand business in the growing Indian market.
On the occasion Nirmal K Minda, CMD, UNO Minda Group said, “With the rapid technological advancement, customers’ demands for hoses are 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.”
