Minda Corp forms JV with Japanese firm for automotive switches
Auto components maker
Minda Corporation
on Wednesday said it has inked a
joint venture
agreement with Japanese firm
Toyodenso Co
for advance
automotive switches
for the Indian market.
The partnership will provide end-to-end solutions including design, development, manufacturing and marketing of switches for two-wheelers, passenger cars and other automotive segments in the domestic market, the company said in a statement.
Minda Corporation will have a majority stake in the newly-formed venture with an investment in the agreed shareholding ratio of 60:40, it added.
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Under the JV, a manufacturing facility would be set up at Noida, in Uttar Pradesh which is expected to commence operations by the second half of FY 2026-27.
"This partnership marks a pivotal milestone in our journey to drive
smart mobility solutions
, while fostering
indigenous manufacturing
by integrating globally recognised technologies into India's automotive ecosystem," Minda Corporation Chairman & Group CEO Ashok Minda said.
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Toyodenso Co President Kiyoshi Koide said the company aims to stabilise its business base and will work with Minda to develop the Indian market to focus on the manufacturing and sales of automotive parts in India, which is a growing market.
As part of the partnership, Toyodenso will bring new technologies and advanced engineering capabilities, while Minda Corporation will contribute with its deep expertise in localised manufacturing, and robust supply chain ecosystem etc, the domestic firm said.
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