Minda-Nabtesco Joint Venture Set up With Equity of INR 373 Mn

Minda-Nabtesco Joint Venture Set up With Equity of INR 373 Mn PR Newswire NEW DELHI and TOKYO, December 10, 2012 NEW DELHI and TOKYO, December 10, 2012 /PRNewswire/ -- To Develop Air Brakes and Clutch Actuation Systems for Medium and Heavy Commercial Vehicles Nabtesco Automotive Corporation, Japanese market leader for producing air-brake components (headquartered at Tokyo, Japan, President: Shinji Juman, Capital: 450 million Yen) and leading Indian auto components manufacturer Uno Minda, NK Minda Group (headquartered at Manesar, Haryana, CMD: N K Minda, Capital: 6000 million INR) have announced a Joint Venture in India for designing, manufacturing and sales of Air Brake Products for Commercial thVehicles and Clutch Products for Passenger Vehicles. The JV agreement was signed on 6 December at Gurgaon, Haryana. The Joint Venture will be set up with equity of INR 373 Million in a 51:49 partnership with Uno Minda holding 51% and Nabtesco holding 49% of the equity. The new company will be known as Minda Nabtesco Pvt. Ltd. The JV's manufacturing plant will be set up at Pantnagar, Uttarakhand, with start of production planned in July 2014. This JV is being considered as a major move by both the partners as it will help them establish a new product line and explore new markets. Commenting on the association, Mr. Shinji Juman, President, Nabtesco Automotive Corporation said, "This association brings us together with one of the leading Auto components manufacturer in India.