New Delhi, Nov 22 (UNI) Zoom Developers Pvt Ltd and Chinese firm YAPP Automotive Parts Company Ltd today said they will enter into a 49:51 joint venture to invest 14 million dollars initially for setting up an automotive plastic fuel tank manufacturing plant in Chennai.
The facility, aimed at addressing the car/SUV segment with the product in the 30-75 litre capacity, is expected to commence its production in the first quarter of 2009, a statement said.
''Zoom has identified Plastic Fuel Tank, known for its safety and environment-friendly features, as an entry product into the Auto Ancillary business and has sought to tie up with YAPP. In the coming years, we hope to expand our business to bring in the latest Plastic Fuel Systems to the International and Indian OEM's,'' Zoom Developers President Manjri Choudhary said.
YAPP, founded in 1988, jointly invested in by State Development and Investment Corporation (SDIC) and Shanghai Automotive Industry Co Ltd (SAIC), is a group enterprise, specialising in developing, manufacturing and selling auto plastic fuel tank (PFT).
With headquarters and R&D centre in Yangzhou, YAPP covers 10 plants located respectively in Yangzhou, Shanghai, Changchun, Chongqing, Tianjin,Yantai, Yancheng, Shenyang etc and one subsidiary with 50 per cent shares, Wuhan YAPP Auto Plastic Co Ltd.
Mumbai-based Zoom Developers, started business in 1991, has regional presence in major metros and its global operations span the US, the UK, Singapore, the UAE, China and Zimbabwe.
In the automotive component business, Zoom through its 100 per cent subsidiary company Zoom Automobile Ancillaries Pvt Ltd, is already setting up a Plastic Fuel Tank unit in Pune, to cater to the western cluster.