The proposed name for the JV company is Kasei Minda Mould Pvt Ltd, in which Minda would hold 49.9 per cent equity while Kasei Group would hold the rest 50.1 per cent.
The JV firm would be set up in Bawal, Haryana.
"This is in line with group strategy to invest in capability building and develop competitive edge," Minda Industries said in a regulatory filing.
The initial investment outlay for the plant is Rs 255 million, and the first phase of the facility is expected to be commissioned by April 2019.
Minda Industries shares were trading at 0.13 per cent higher at Rs 419.90 on the BSE.