Joint Venture Announcement: Minda Corporation and HSIN Chong Machinery Works Co. Ltd.

Key Highlights:

• Minda Corporation and Taiwan's HCMF form a 50:50 joint venture to localize sunroof and closure technology products in India.
• Collaboration aims to leverage cutting-edge technology and state-of-the-art manufacturing for passenger cars.
• Partnership aligns with the growing demand and premiumization of the sunroof market in India.

Minda Corporation Limited, a flagship company of Spark Minda and a leading supplier of automotive components to OEMs and tier-1 customers, has signed a Joint Venture (JV) Agreement with HSIN Chong Machinery Works Co. Ltd. (HCMF) from Taiwan. HCMF is renowned globally as a leading manufacturer of Automotive Sunroof and Closure systems.

Partnership Details

This 50:50 joint venture aims to leverage cutting-edge technology and state-of-the-art manufacturing capabilities to localize Sunroof and Closure Technology Products for passenger cars in India.

Statements from Leadership

Announcing the collaboration, Mr. Ashok Minda, Chairman & Group CEO of Minda Corporation, expressed his enthusiasm:

“We are delighted to announce the signing of a Joint Venture Agreement with HCMF, a partnership that will pave the way for smart mobility solutions. This collaboration underscores our commitment to Atamnirbhar Bharat, as we strive to deliver comprehensive system solutions encompassing product design, development, and manufacturing for passenger vehicles.

Furthermore, Spark Minda is committed to expanding our four-wheeler segment offerings by enhancing kit value, ensuring greater benefits for our customers. Our continuous endeavor is to introduce advanced technology products that will drive the next phase of our growth."

Market Outlook and Strategic Alignment

With the sunroof market in India expected to grow significantly due to evolving consumer preferences and premiumization trends, this collaboration positions both companies strategically. HCMF’s global leadership in Automotive Sunroof and Closure systems promises to bring advanced products and technologies to enhance vehicle access solutions, particularly for passenger cars, thereby increasing the Content per vehicle.

Commenting on the JV, Mr. Roger Hsi, Chairman of HCMF, stated

“HCMF is dedicated to providing world-class solutions for automotive customers globally. We are excited to collaborate with Spark Minda to expand our footprint in India's burgeoning vehicle market, developing and manufacturing innovative integrated Automotive Sunroof and Closure systems for next-generation vehicles.

HCMF is confident that this partnership will effectively channelize the complementary strengths of both organizations and establish a strong presence in the rapidly expanding market for Sunroof and Closure systems in India.”
 

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