The global automotive component manufacturer Spark Minda, Ashok Minda Group has entered into a joint venture partnership with Vehicle Access Systems Technology Llc. (VAST), USA, a group with a global presence as valued supplier of strategic vehicle access components and systems to targeted customers and known for key solutions for the automotive world.
This joint venture named Minda VAST Access Systems Private Ltd. will have its operations based in Pune and Delhi-NCR.
VAST, USA is a highly qualified global supplier of security / access control products for the motor vehicle industry. It will support the joint venture for locksets, steering column locks, latches, strikers, socket bows, handles, immobilizers, passive entry, start systems, ignition switches, hinges, power access, etc. With about $1.2 billion in sales and around 8,000 employees, VAST is one of the market leaders in the access systems business, with manufacturing facilities in Germany, Mexico, the Czech Republic, the US, China and Brazil. The group is an alliance of three member-organizations and related operating entities that is directed by a single management team in order to effectively serve global customers. The member-organizations of VAST are WITTE Automotive from Velbert / Germany, STRATTEC Security Corporation from Milwaukee / WI and ADAC Automotive from Grand Rapids / MI (both USA).
Mr. Ashok Minda, GCEO, Spark Minda, Ashok Minda Group, said: “We are delighted to have partnered with VAST. The strategic alliance is a step towards ensuring support to meet the expectation of targeted and strategic customers. VAST’s global presence will help us to reach out to more areas and expand our base and offer new technology with latest products to our customers”.
This joint venture will act as a catalyst for the future growth of Spark Minda, Ashok Minda Group.
On this joint venture, Mr. Frank Krejci, President & CEO of STRATTEC, commented: “We are very excited to join a partner with the history of success and capabilities of Spark Minda and its affiliates. We view them as a leading company in the Indian market and they have also been very effective in playing an important role in supporting global programs.”