Mithra Group Chairman Maganti Subrahmanyam, who will also be president of the JV, said it was fulfilment of their long-cherished dream to enter manufacturing of special purpose vehicles.
M.V. Srinivas, President and CEO, Mithra Group, told that trial production would begin by June 2011 and the aim was to sell and offer after-sales service for the vehicles across the country.
The Japanese firm would provide support in equipment selection, technical know-how and production. About 2,500 tipper trucks and 400 transit mixers per annum would be rolled out from the plant in the first phase. Based on the success, plans would be drafted for expansion in the second stage, he said.
Takaaki Fudetani, President and CEO, Kyokuto Kaihatsu Kogyo Company Ltd., said his company was delighted to extend technical support to an Indian firm in developing infrastructure facilities. Japanese firms always enjoyed an advantage over Indian companies in technology. If an Indian technology lasts for just three years, similar Japanese technology would last for six years. It was this advantage that his company would be bringing to India through the JV.