Minda Corporation, the flagship company of Spark Minda, has signed a Joint Venture Agreement with HSIN Chong Machinery Works, a Taiwan-based global manufacturer of Automotive Sunroof and Closure systems.
It is a 50:50 joint venture and aims to provide manufacturing of Sunroof and Closure Technology Products for passenger cars in India.
Ashok Minda, Chairman and Group CEO – Minda Corporation said, “This collaboration underscores our commitment to Atmanirbhar Bharat, as we strive to deliver comprehensive system solutions encompassing product design, development, and manufacturing for passenger vehicles. Our continuous endeavour is to introduce advanced technology products that will drive the next phase of our growth."
With evolving consumer preferences and premiumisation, the market for sunroof in India is expected to grow significantly. HCMF is a global technology leader in automotive Sunroof and Closure systems and this collaboration will offer advanced products and technologies in the vehicle access space, particularly for passenger cars increasing the Content per vehicle, the press release noted.
Roger Hsi, Chairman, HCMF added, "We are excited to collaborate with Spark Minda to expand our footprint in India's burgeoning Indian vehicle market to develop and manufacture innovative integrated Automotive Sunroof and Closure systems for next generation vehicles."
"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."
HCMF, headquartered in Taiwan, was founded in 1961 by Mr. Hsi Chieh to provide cost competitive innovative products globally to its customers. The company is engaged in various products groups like Roof System, Comfort Closure System, Door and Closure Mechanical System, Seat System and Mechanical & Mechatronic System.