Minda Industries Limited, the flagship of UNO MINDA Group, a leading auto component group in India has joined hands with Tung Thih Electronic Co. Ltd. (TTE) to form a 50:50 Joint Venture in the country. Tung Thih Electronic Co. Ltd. is a premier Taiwanese player engaged in manufacturing and sale of Driving Assistance Products & Systems (DAPS).
The JV (proposed to be named Minda TTE DAPS Private Limited) will supply DAPS, including rear parking aid systems, auto parking aid systems, cameras, around view monitor systems, etc. to Indian automotive OEMs. TTE is already an approved supplier to Maruti Suzuki. Future plans include venturing into niche technology products like Lane Departure Warning Systems amongst others.
The JV will set up state-of-the-art greenfield manufacturing facility in NCR which will have a world class paint shop and assembly line. This will help both partners to make a deeper foray into the fast growing and dynamic Indian automotive electronic space with a specific focus on passenger and pedestrian safety products.
Mr. Nirmal K Minda, CMD, Minda Industries Limited while announcing the JV said, “With advancement in technology, the content of electronics in automobiles will continue to rise. This joint venture will help UNO MINDA Group to further strengthen its product portfolio and offer products in line with market and customer demand. This will have a head start in terms of offering technologically superior products and is in line with our strategy to expand product offering in electronic segment.”
Mr. Scott Chen (Shin-Chung Chen), CEO and Chairman of TTE, who was in India to sign the Joint Venture agreement echoed Mr. Nirmal K Minda’s optimism on the anticipated penetration of electronics in the Indian automotive market and expressed TTE’s commitment to bring advanced technology products at price point suitable for the Indian market through this Joint Venture. BMR Advisors acted as the sole financial advisor to Tung Thih Electronic Co. Ltd.