Panasonic and UNO MINDA agreed to establish a joint venture company to manufacture lead acid storage batteries

Panasonic Corporation (Kadoma City, Osaka, Japan, President: Mr. Kazuhiro Tsuga, hereinafter called “Panasonic”) and Minda Industries Ltd. (National Capital Territory of Delhi, Republic of India,CMD: Mr. Nirmal K Minda, hereinafter called “UNO MINDA”) agreed today to establish a joint venture company to develop, manufacture and sell lead acid storage batteries in the Republic of India.

India, which is the world’s second populous country and achieving high growth rate, also has a rapidly growing market of lead acid storage batteries. The new joint venture company will address the growing market of lead acid storage batteries for two & four wheeler vehicles and UPS in India with leveraging knowhow and technology owned by Panasonic as well as customer bases of both parties.

Panasonic is operating production bases in Japan (Kosai City, Shizuoka Prefecture), Thailand (Samut Prakarn Province) and the People’s Republic of China (Shenyang City). By establishing the said company in India, it aims at expanding overseas operations of its business. In addition, UNO MINDA aims to cater to the growing need of batteries for its strong customer base.

Mr. Yoshio Ito, Senior Managing Director of Panasonic, stated, “Panasonic started the production of lead acid storage batteries in 1937. Since then, we have consistently responded to requirements of various customers and achieved steady progress. We believe our technology over the years will contribute to development of the industry of lead acid storage batteries in India through the joint venture company with UNO MINDA”.

Mr. Nirmal K Minda, CMD, UNO MINDA stated, “The battery market in India is experiencing rising demand from various sectors, thereby providing immense opportunities to manufacturers to grow and operate in the market lucratively. Having strong footprint in India and with technical support of Panasonic, a leading name in the Industry since 1937, we believe UNO MINDA will be able to serve customers in multifarious ways.”

Panasonic and UNO MINDA are aiming to establish the joint venture company in November, 2014 after obtaining regulatory approvals.

 [Overview of the joint venture company]