Minda Industries Ltd. (MIL), the flagship company of UNO MINDA Group, has entered into a joint venture agreement with Katolec Corporation of Japan. The proposed name for the JV company is Minda Katolec Electronics Services Private Ltd., to be incorporated with MIL which will be holding 51 per cent and Katolec holding 49 per cent of the equity.
The JV company is proposed to be set up in Pune as an electronic manufacturing services company offering turnkey as well as job work solutions. The products to be turned out would include high end electronics like printed circuit boards (PCBs) and box build assemblies. The initial investment outlay is Rs. 40 crores.
Minda Industries has an existing operations for electronics manufacturing in Pune as (Sensors, Actuators & Controllers), SAC Division which currently serves two- and four-wheeler customers like Tata Motors, Mahindra and General Motors, besides HMSI, Hero Moto Corp, Bajaj Auto, etc. This JV will ensure that the product offerings are the best in class in terms of electronics manufacturing. The JV company is expected to achieve additional synergies in areas of product development & technology which will result in stronger customer footprints, including both OEMs and end customers.
On this occasion, Mr. Nirmal K. Minda, CMD, Minda Industries Ltd., commented: “With advancement in technology, the content of electronics in automobiles will continue to rise. This Joint Venture will help Minda Industries to further strengthen its product portfolio and offer value added products to customers”.
Katolec Corporation is among the leading companies of electronic manufacturing service. It offers end-to-end solution, ranging from circuit design, parts procurement, board mounting and final box assembly to delivery. It has considerable expertise in the field of printed circuit board manufacturing of high quality which meets the expectations of the automotive industry in Japan.
Having launched its second factory in Mexico last year, Katolec fulfils a demand with factories in Japan, Indonesia, Thailand, Philippines, Vietnam, China, and Malaysia. And the procurement service satisfies customers at the international procurement organizations located in Japan, Hong Kong, Malaysia and each overseas factory. Sales of the group is JPY 81.6 billion ($742 million).
Minda Industries is a leading supplier of proprietary automotive solutions to OEMs as Tier-1. It manufactures automobile components for OEMs.
The group is a global player in the automotive sector with overseas manufacturing facilities in Indonesia, Vietnam, Spain and Colombia as well as design offices in Taiwan, Japan and Spain. It has 40 manufacturing plants in India and has JVs/technical agreements with world-renowned manufactures from Japan, Italy and India. Its endeavor is to deliver high technology and quality products to its valued customers globally.