Nk Minda Group JVs with Kosei

The NK Minda Group and Kosei Aluminum Company Ltd, a Japanese manufacturer of alloy wheels have formed two joint ventures. The first in which NK Minda will have a 40 percent stake will develop, manufacture and sell aluminium alloy wheels and precision aluminium diecasting parts for major car manufacturers. Production is expected to kick off in 2012 with an annual volume of 300,000 pieces. This will increase to 600,000 pieces per annum by in 2014. The JV will have an authorised capital of Rs 5 crore.

Subject to the approval of the Registrar of Companies, the new JV shall be named Kosei Minda Aluminium Company Ltd and will be set up at in Chennai. To tap local opportunities, Kosei and Minda will establish another joint venture on the outskirts of Gurgaon but in this case, the majority stake holder will be Minda.

“We are delighted to partner with Kosei and are confident that this JV will create a strong local production base to offer market-leading, technology-intensive alloy wheels and aluminium die casting parts to India and global OEMs,” said Nirmal K Minda, CMD of N K Minda Group.

Kosei has a strong base in its overseas companies in China, The Philippines and Thailand. At present, Kosei Japan and its overseas arms have a combined annual production capacity of three million wheels. The rapid growth in the Indian market has made the development of this fourth overseas base necessary.