New Delhi, February 21, 2013: Components major Anand has entered into an agreement with Mando Corporation Korea for the merger of two existing joint venture companies partnered by the two groups – Mando India and Mando Steering Systems India. The new company, to be known as Mando Automotive India, will have a combined turnover of over Rs 1,235 crore (US$ 200 million).
The agreement was formalised between Frank Chung, executive vice-president, Corporate Planning, Mando Corporation, and Pravesh K Srivastava, Group president (Excellence in Manufacturing & Education), Anand, at a signing ceremony held at Anand’s corporate headquarters in New Delhi.
The consolidated operations of the new company are slated to commence in April 2013, employing around 1,200 people. The merger has been effected with an aim to achieve marketing and purchase synergies, while serving as a single-point source for key chassis components for customers of the two entities.
Mando Automotive India, the new company, will offer a product range including brakes, suspension and steering systems. The merger is also expected to result in enhanced operational efficiencies while strengthening the overall organisational and financial structure.
Anand and Mando have been partners since 1997. Their first (JV Mando India) was set up to manufacture brakes at Chennai and subsequently introduced suspension products in 2005. The company currently supplies brakes and suspension products to passenger car OEMs in India.
In October 2012, Anand entered into a second JV partnership with Mando Corporation, after having acquired a stake in Mando Steering Systems India. The company manufactures state-of-the art column-supported Electric Power Steering (C-EPS), at its facility in Chennai
The Anand Group at present has 15 JVs and six technical collaborations with world-leading companies. It has 19 companies spread across 49 locations and 11 states in India.
Photograph (seated L to R): Frank Chung, EVP, Corporate Planning, Mando Corp; Pravesh K Srivastava, Group president, Excellence in Manufacturing & Education, Anand; (standing first row L-R): Christine Chung; Jaisal Singh, director, Anand Supervisory Board; IH Honng, MW Chung, chairman, Mando Corp; Anjali Singh, chairperson, Anand Supervisory Board; Deep C Anand, founder, Anand and chairman, Deep C Anand Foundation; SH Shin, vice-chairman & CEO, Mando Corp; (second row): Deepak Chopra, Group CEO, Anand; YH Lee; KS Bhullar, president, Group HR, Anand; KS Kim, president, global sales marketing, Mando Corp; JW Son, regional head MD, Mando; Sejoon Oh, MD, Softech; and V Madhavan, DMD, Mando India.