Mr. Kazuhiro Tsuga, President, Panasonic Corporation of Japan, and Mr. Nirmal K. Minda, CMD of Minda Industries Ltd., have agreed to set up a joint venture company in India to manufacture and sell lead acid storage batteries.
India, the world’s second most populous country with a high growth rate, has a rapidly growing market for 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 the leveraging knowhow and technology of Panasonic as well as the customer bases of both parties.
Panasonic is operating production bases in Japan, Thailand and China. 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 production of lead acid storage batteries in 1937. Since then, we have consistently responded to the 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, observed: “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 keen to set up the joint venture company in November after obtaining the regulatory approvals.