Minda-Nabtesco Joint Venture Set up With Equity of INR 373 Mn

NEW DELHI and TOKYO, December 10, 2012 /PRNewswire/ --

To Develop Air Brakes and Clutch Actuation Systems for Medium and Heavy Commercial Vehicles

Nabtesco Automotive Corporation, Japanese market leader for producing air-brake components (headquartered at Tokyo, Japan, President: Shinji Juman, Capital: 450 million Yen) and leading Indian auto components manufacturer Uno Minda, NK Minda Group (headquartered at Manesar, Haryana, CMD: N K Minda, Capital: 6000 million INR) have announced a Joint Venture in India for designing, manufacturing and sales of Air Brake Products for Commercial Vehicles and Clutch Products for Passenger Vehicles. The JV agreement was signed on 6^th December at Gurgaon, Haryana.

The Joint Venture will be set up with equity of INR 373 Million in a 51:49 partnership with Uno Minda holding 51% and Nabtesco holding 49% of the equity. The new company will be known as Minda Nabtesco Pvt. Ltd. The JV's manufacturing plant will be set up at Pantnagar, Uttarakhand, with start of production planned in July 2014. This JV is being considered as a major move by both the partners as it will help them establish a new product line and explore new markets.

Commenting on the association, Mr. Shinji Juman, President, Nabtesco Automotive Corporation said, "This association brings us together with one of the leading Auto components manufacturer in India. We are pleased to team up with NK Minda group to explore the India market for our products. Uno Minda has an in-depth knowledge and pertinent experience on market dynamics. We are confident that this association will benefit both of us in the long term."

Mr. N K Minda, CMD, Uno Minda, said on the occasion, "We are delighted to partner with Nabtesco for Air Brake and Clutch products. They are renowned for their technical excellence, exhaustive product expertise and extensive experience in Japan. With this partnership, we are strategically venturing into a new product line, in keeping with our diversification and consolidation approach to the Indian market."

About Nabtesco Automotive Corporation:

Nabtesco Automotive Corporation, a member of the Nabtesco group which keeps making great breakthroughs with its original motion control technology, specialises in the transport equipment business. Since 1937 Nabtesco Automotive Corporation is a technology leader and supplier in automotive air brake systems and clutch control systems. It manufactures automobile components for Original Equipment Manufacturers (OEMs). For more information, reach us at www.nabtesco-automotive.com/en/

About Uno Minda, N K Minda Group:

Uno Minda, NK Minda Group, a technology leader in auto components industry, is a leading supplier of proprietary automotive solutions to OEMs as Tier-1. It manufactures automobile components for Original Equipment Manufacturers (OEMs). It is today a 20 Bil INR (US$400 million) group and is rapidly expanding with increased market share in its product lines.

The Group is a global player in automotive sector with manufacturing facilities in Indonesia and Vietnam and offices in Japan, Europe and China. It has 31 manufacturing plants in India and has JVs/Technical Agreements with world renowned manufactures in Italy, India and Japan. Our continuous effort is to deliver high technology and quality products to our valued customers in worldwide area. For more information, please visit www.mindagroup.com. 

Note to Editors: This document contains forward-looking statements about Nabtesco Automotive Corporation Limited and NK Minda Group, which are based on the beliefs, opinions and expectations of the company's management as the date of this press release and the companies do not assume any obligation to update their forward looking statements if those beliefs, opinions, expectations, or other circumstances should change. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Consequently, readers should not place any undue reliance on such forward-looking statements.

Primary Media Contact: Anju T Makin, [email protected], 91-9810170135