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Minda forms joint venture with Kasei group for manufacturing alloy wheels moulds

Auto component maker Minda Industries today said it has formed a joint venture (JV) with Japan's Kasei Group to manufacturing moulds for alloy wheels.


PTI India
Updated: 16-07-2018 13:42 IST
Minda forms joint venture with Kasei group for manufacturing alloy wheels moulds

The initial investment outlay for the plant is Rs 25.50 crore, and the first phase of facility is expected to be commissioned by April 2019. (Image Credit: Twitter)

Auto component maker Minda Industries today said it has formed a joint venture (JV) with Japan's Kasei Group to manufacturing moulds for alloy wheels.

The proposed name for the JV company is Kasei.Minda Mould Pvt Ltd, in which Minda would hold 49.9 per cent equity while Kasei Group would hold the rest 50.1 per cent. The JV firm would be set up in Bawal, Haryana.

"This is in line with group strategy to invest in capability building and develop the competitive edge," Minda Industries said in a regulatory filing.

The initial investment outlay for the plant is Rs 25.50 crore, and the first phase of the facility is expected to be commissioned by April 2019.

"With mould manufacturing technology we are taking a step further to integrate and strengthen the end-to-end process of alloy wheel technology," Minda Industries CMD Nirmal K Minda said.

Minda Industries shares were trading 0.13 per cent higher at Rs 419.90 on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : India

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