 "Minda Group forms JV with Taiwan's Tung Thih Electronic for auto parts")
The Gurgaon-based auto component maker Minda Industries Ltd, the flagshiip company of UNO Minda Group, has signed a joint venture agreement with Taiwan's Tung Thih Electronic Co Ltd (TTE) to develop, manufacture, market and sale of driving assistance products & systems (DAPS) and safety systems including reverse parking assistance system (RPAS), camera, automatic parking systems, tyre pressure monitoring systems (TPMS). The proposed location of the manufacturing plant will be in NCR region.
The JV will provide these auto parts to Indian automotive OEMs. TTE is already an approved supplier to Maruti Suzuki. Future plans include venturing into niche technology products like lane departure warning systems, etc.
The JV, to be named Minda TTE DAPS Pvt Ltd, will set up greenfield manufacturing facility in NCR which will have a paint shop and assembly line.
"With advancement in technology, the content of electronics in automobiles will continue to rise. This joint venture will help UNO Minda Group to further strengthen its product portfolio and offer products in line with market & customer demand. This JV will have a head start in terms of offering technologically superior products and is in line with our strategy to expand product offering in electronic segment," said Nirmal Minda, CMD, Minda Industries Ltd.
This joint venture will help both partners to make a deeper foray into the fast growing and dynamic Indian automotive electronics space with a specific focus on passenger and pedestrian safety products.
Scott Chen (Shin-Chung Chen), CEO and chairman of TTE, added, "The JV is anticipated to penetration of electronics in the Indian automotive market and expressed. We are committted to bring advanced technology products at price point suitable for the Indian market through this JV."
TTE is one of Taiwan's leading players engaged in manufacturing & sale of driving assistance products & systems (DAPS).
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