JTEKT sets up sales arm; targets orders worth 8 bln yen by 2010

New Delhi, Aug 19 (UNI) Eyeing the burgeoning Indian automobile market, Japanese machine tool maker JTEKT Corp today said it will invest Rs 2.48 crore to establish a sales and after-sale service joint venture in Gurgaon.

''The new company, Toyoda Micromatic Machinery India Ltd, will be capitalised at Rs 2.48 crore, of which JTEKT will own 75.5 per cent stake and Micromatic Grinding Technologies will hold the rest,'' Chairman of the new company H Kaijima told reporters here.

The new firm will be JTEKT's first subsidiary in the country.

Nagoya-based JTEKT aims to win orders worth about eight billion yen in the growing Indian market in 2010 by promoting user-oriented sales, he added.

So far, JTEKT has supplied machine tools mainly to Japanese automakers including Suzuki Motor Corp.

The firm aims to expand its client base to leading Indian auto manufacturers and wind power companies, he said.

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