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Minda Group ties-up with Japan's Furukawa Electric
New Delhi, Aug 8 (UNI) Auto component maker A K Minda Group and Japan's Furukawa electric Ltd today entered into a 49:51 joint venture (JV) to manufacture wiring harness and automotive products.
''The new JV company Minda Furukawa Pvt Ltd (MFPL) will be set up at Bawal in Gurgaon to produce wiring harness for four wheelers and components related to wiring harness like couplers, terminals, relay box, junction box and steering roll connectors used for the airbag systems and many more,'' Minda Group Chairman Ashok Minda told reporters here.
The JV will render support to various Japanese and other car makers in India. MFPL has already received an order from a Japanese car maker in India for launch in 2008.
''MFPL has got Rs 160 crore order for the year 2008-2009 from Maruti Suzuki and several other car makers like Honda, Toyota, Nissan are in the pipeline,'' Mr Minda said.
The JV, he said, will invest Rs 80 crore in the first phase and begin its operation in September 2008.
''In India, the motorisation era has come and many global automobile manufacturers are now planning to enhance and expand their presence,'' Furukawa Electric Senior Managing Director Atsushi Kitanoya said.
The auto component manufacturer achieved a turnover of 153 million dollars in 2005-06 and is targeting 270 million dollars in 2007-08.
The company currently exports 20 per cent of its annual business to the countries like Indonesia, Germany, and Australia and targets a similar percentage in the next fiscal.
Gurgaon-based A K Minda Group, engaged in the manufacture of locks, door handles, security systems, wiring harnesses, instrument clusters, die castings, interiors and many more, manufactures products for the leading two and three-wheeler vehicle manufacturers in the overseas, including Europe, North America and Germany.
The company has five JVs -- Minda Valeo Security Systems Pvt Ltd, Minda Corporations Ltd, Minda Stoneridge Instruments Ltd, Minda Sai Ltd and Minda S M Technocast Ltd.
UNI
