Anand Signs Merger Agreement With Mando Corporation, Korea for Two Existing Joint Venture Companies
NEW DELHI, February 22, 2013 /PRNewswire/ --
New Company's Combined Turnover Over INR 1235 Crores (USD 200 Million)
Anand, today entered into an agreement with Mando Corporation, Korea for the merger of the two Joint Venture companies partnered by the two groups - Mando India Limited and Mando Steering Systems India Limited. The new company so formed is proposed to be known as 'Mando Automotive India Limited', with a combined turnover of over INR 1235 Crores (USD 200 Million).
The agreement was formalised between Mr. Frank Chung, Executive Vice President, Corporate Planning, Mando Corporation and Mr. Pravesh K Srivastava, Group President - Excellence in Manufacturing & Education, Anand at a signing ceremony held at the corporate headquarters of Anand located at Hauz Khas, New Delhi earlier today.
The consolidated operations of the new company are slated to take effect from April 2013, employing around 1200 people. This merger has been effected with a view to achieving marketing and purchase synergies, while serving as a single point source for key Chassis components for customers of the two entities. The new company will be offering a product range including Brakes, Suspension and Steering systems. The merger is also expected to result in enhanced operational efficiencies while strengthening the overall organizational and financial structure.
Anand, India and Mando, Korea have been partners since 1997. Their first Joint Venture - Mando India Limited, was set up to manufacture Brakes at Chennai, India and subsequently introduced suspension products in 2005. The Company is presently a leading supplier for Brakes and Suspension products to passenger vehicle manufacturers in the country.
Anand recently entered into a second Joint Venture partnership with Mando Corporation, Korea after having acquired a stake in Mando Steering Systems India Limited. The collaboration was finalised at Seoul, Korea in October 2012. The company manufactures state-of-the art Column supported Electric Power Steerings (C-EPS), at its facility in Chennai, Tamil Nadu. The merger of these two companies is expected to further strengthen the partnership between the two groups.
Provider of the widest range of solutions to the Indian Automotive Industry, Anand is among India's leading manufacturers of Automotive Systems and Components, making it the country's leading OEM supplier. Anand has a major presence in the Indian Aftermarket as well, with some of its major brands being Market Leaders. The group supplies to every major vehicle and engine manufacturer in the country. Anand is widely known for its established and successful partnerships with leading automotive front runners across the globe, each one being a leader in its area of operation.
The group has 15 Joint Ventures and 6 Technical Collaborations with these world leading companies. Today, with nineteen companies spread across 49 locations and eleven states of the country, Anand also has a business vertical operating in the area of Luxury Hotels. Anand has provided a number of technology firsts to the Indian Automotive Industry over the five decades of its existence starting with being the pioneer of Ride Control products in the country. For further details, please visit http://www.anandgroupindia.com/.
About MANDO CORPORATION, KOREA
Mando Corporation, Korea, South Korea's second-largest auto parts manufacturer, was set up in October 1962 for the manufacture of Brake, Steering and Suspension Systems, DAS / Iron Casting and Electronics / Electrification. An affiliate of South Korea's Halla Group, the company runs 17 overseas plants with its footprint in Brazil, China, Germany, India, Japan, Korea, Malaysia, Poland, Turkey and USA.
Mando has been producing cutting-edge safety systems like ABS, ESP, ECS, as well as EPS systems. These systems have amply proven that the level of the Korean automotive industry approximates the world standards. With an estimated turnover of USD 4.7 billion in 2012, the company is amongst the global leaders in its industry. The company employs over 9,000 people of which 10% are employed with the Joint Venture in India.
Primary Media Contact: Abhinav Sood, abhinav.sood@CommunicationsInc.in, 91-9810605190