The new company will see a joint invest of Rs 100 crore in setting up a greenfield facility at Bangalore to make seat belts, locks and immobilizers.
The new company will be called Tokia Rika Minda India and will have an equity participation of 70 per cent from the Japanese company with the balance to held by the Indian company.
Commercial production of the plant is expected to begin in 2010. The company stated that it has got a letter of intent from Toyota Kirloskar Motors for the supply of seat belts, locks and switches.
K Kinoshita, president, Tokia Rika said, "We have strong ties with NK Minda Group from the past decade. The new JV will build upon our existing relationships with OEM's and the trust that Minda brand enjoys in India."
NK Minda Group and Tokai Rika already have a JV, Minda Rika (MRPL) for the manufacture of automotive switches for 4 wheelers and mirrors.
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