Minda Corp forms JV with South Korean firm for automotive antenna systems

Auto components maker Minda Corporation on Tuesday said it has joined hands with South Korea-based INFAC Elecs Co Ltd to introduce an automotive antenna range in the country.

The companies have inked an agreement to form a joint venture (JV) firm -- Minda Infac Pvt Ltd (proposed name), as they look to capitalize on the opportunities for growth in automotive safety, connected and autonomous technologies in the country.

The joint venture will offer multiple antenna products like Rod Antenna, Micro Pole antenna, Shark Fin antenna, LF antenna, etc., which would be produced locally at the newly set up unit in Pune, Minda Corporation said in a statement.

''The Indian automotive industry is moving towards the theme of safe, smart and connected and Spark Minda aims to be a leading player in this domain.

"With INFAC's strong capability in advanced solutions in Antenna systems, the joint venture will offer latest technology products to all segments of the Industry,'' Spark Minda Group Chairman and Group CEO Ashok Minda said.

Connectivity-based safety features such as remote keyless entry are expected to boost demand for devices like antenna products and solutions. ''This agreement is the second achievement, following the Technical Assistance Agreement dated on August 12, 2019, and means both companies have similar goals and conviction of successful business to be in the Indian automotive market filled with high potential and possibilities,'' INFAC Group President Woong Seon Choi said.

Minda will have a 51 percent shareholding in the JV entity, while Infac would hold a 49 per cent stake, thus allowing the entities to jointly manage the operations.