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Minda entering into joint venture agreement TACHI-S, Japan



Posted On : 2022-09-29 14:14:34( TIMEZONE : IST )

Minda entering into joint venture agreement TACHI-S, Japan

Uno Minda Limited ("Uno Minda") (formerly known as Minda Industries Limited), a Tier-1 supplier of proprietary automotive solutions and systems to original equipment manufacturers (OEMs) has announced that its Board has approved to enter into a Joint Venture agreement with TACHI-S Company Limited ("TACHI-S"), a global seat system creator headquartered in Tokyo, Japan, for manufacturing and marketing of seat recliners for four wheeler passenger vehicle in India. The Joint Venture will offer various products including recliners in first phase with the intention of expanding into other seating mechanisms, seat frames and complete seating assembly. Uno Minda will hold 51% stake in the Joint Venture while the remaining stake will be held by TACHI-S.

Established in 1954, TACHI-S is an integrated automobile seat manufacturer (from development to production). They have 70 facilities in 13 countries and provide products and services to leading OEMs around the world. Their consolidated revenue for Fiscal year 2022 was 206 Billion Yen.

Uno Minda is already a leading player in automotive seating systems for two wheeler and commercial vehicles. The joint venture will help expand Uno Minda its seating systems product offering in 4W Passenger vehicle as well. In first phase, the Board has also approved investment up to Rs 10 Crores for recliner product which has qualified for business from Indian OEMs.

Mr. Nirmal K Minda, CMD, Uno Minda Group says, "Uno Minda has always been forefront in offering cutting edge technologies and best in class products to its customers. This partnership with TACHI-S will expand our seating portfolio to now bring the latest seating technologies for 4 Wheeler Passenger vehicle in India. The partnership will enable joint venture to successfully establish a leading position in automotive seating system for passenger vehicle segment as well."

Mr Yuichiro Yamamoto, CEO of TACHI-S comments, "We are delighted to partner with Uno Minda, a leading player in automotive component and system, to expand our footprints in one of the largest automotive markets India. The combination of TACHI-S seating expertise and Uno Minda's manufacturing capabilities, we can create a true leader in the rapidly growing Indian automotive seating market."

Source : Equity Bulls

Keywords

UnoMinda JVAgreement TACHISCompany SeatingPortfolio