New Delhi, June 26 (UNI) NK Minda Group today said it has formed a joint venture with Japan-based Tokai Rika for manufacturing automotive seat belts, locks and immobilisers.
''The new company will be called Tokai Rika Minda India Pvt Ltd and will have an equity participation of 70 per cent from Tokai Rika, while the balance will be held by the NK Minda Group,'' a company statement said.
The new company will invest Rs 100 crore in setting up a new Greenfield facility at Bangalore, the commercial production of which will coincide with the roll out of the Toyota new strategic small car from its second plant, which is slated to begin in 2010.
The company has already got a letter of intent (LoI) from Toyota Kirloskar Motors Ltd for the supply of seat belts, locks and switches.
NK Minda Group and Tokai Rika already have a JV-- Minda Rika Pvt Ltd (MRPL) for the manufacture of automotive switches for four- wheelers and mirrors.
MRPL has a 50 per cent market share in four-wheeler switches and has a turnover of over Rs 130 crore. The NK Minda Group holds 60 per cent in MRPL, while Tokai Rika has 35 per cent, the balance five per cent is held by Japan's Sumitomo.
UNI SR SG DS1520