Delhi/NCR, Jun 14, 2024: Minda Corporation Limited, a prominent automotive components supplier listed on NSE and BSE, has entered into a Joint Venture (JV) Agreement with Taiwan’s HSIN Chong Machinery Works Co. Ltd. (HCMF). This strategic 50:50 partnership aims to bring state-of-the-art sunroof and closure technology products for passenger cars to the Indian market through localized manufacturing.
Partnership Goals and Vision
The collaboration between Minda Corporation and HCMF is set to leverage advanced technology and manufacturing capabilities to meet the evolving needs of the Indian automotive market. Ashok Minda, Chairman & Group CEO of Minda Corporation, expressed his enthusiasm for the partnership, stating, “This Joint Venture Agreement with HCMF marks a significant step towards smart mobility solutions. It aligns with our commitment to Atmanirbhar Bharat, aiming to deliver comprehensive system solutions, including product design, development, and manufacturing for passenger vehicles. We are dedicated to enhancing our offerings in the four-wheeler segment, introducing advanced technology products to drive the next phase of our growth.”
Market Potential and Consumer Demand
The Indian market for sunroofs is anticipated to see substantial growth, driven by evolving consumer preferences and increasing premiumization. HCMF, recognized globally for its expertise in automotive sunroof and closure systems, will bring cutting-edge products and technologies to the Indian market, enhancing vehicle content per unit.
Statements from Leaders
Roger Hsi, Chairman of HCMF, shared his optimism about the JV, saying, “HCMF is committed to providing world-class solutions to automotive customers globally. Our collaboration with Spark Minda will help us expand our footprint in India’s rapidly growing vehicle market. Together, we will develop and manufacture innovative integrated automotive sunroof and closure systems for next-generation vehicles. This partnership will effectively harness the complementary strengths of both organizations, establishing a robust presence in the Indian market.”
