New Delhi: Minda Corporation Limited, a leading automotive components supplier to OEMs, on Friday signed a joint venture (JV) agreement with Taiwan-based HSIN Chong Machinery Works (HCMF). The 50:50 JV between Minda Corporation and HCMF aims to manufacture sunroof and closure technology products for passenger cars by localisation in India.
Spark Minda is committed to expanding our four-wheeler segment offerings by enhancing kit value, and ensuring greater customer benefits, said Ashok Minda, Chairman & Group CEO, Minda Corporation.
With evolving consumer preferences and premiumisation, the market for sunroofs in India is expected to grow significantly. HCMF is a global technology leader in automotive sunroof and closure systems. This collaboration will offer advanced products and technologies in the vehicle access space, particularly for passenger cars increasing the content per vehicle, the release mentioned.
HCMF, headquartered in Taiwan, is engaged in various product groups like roof systems, comfort closure systems, door and closure mechanical systems, seat systems and mechanical and mechatronic systems.
“HCMF is confident that this partnership will effectively channelise the complementary strengths of both organizations and establish a strong presence in the rapidly expanding market for Sunroof and Closure systems market in India,” said Roger Hsi, Chairman, HCMF.