November 2, 2012 : Component major Anand has recently entered into a joint venture partnership with Mando Corporation, Korea, having acquired a stake in Mando Steering Systems India on October 29, 2012. The collaboration was finalised between M W Chung, chairman, Halla Group, and Mrs Anjali Singh, chairperson of the Anand Supervisory Board at Seoul, Korea.
Mando Steering Systems India has an existing operation in Chennai with a turnover of Rs 600 crore per annum. The company manufactures state-of-the-art Column-supported Electric Power Steerings (C-EPS), at its facility in Chennai, Tamil Nadu.
Targeting sales of Rs 100 crore by 2016, with this new joint venture, Mando and Anand expect to achieve major synergies in areas of Research & Development and Operations, as well as make substantial inroads into new customer segments, resulting in a larger customer footprint.
Anand also has another joint venture with Mando Corporation, Korea; Mando India manufactures brakes and shock absorbers at its facility in Chennai. The new collaboration is expected to further strengthen the partnership between the two groups.