Increased product offerings in Passenger Segment and Vehicle Access space with focus on Premiumisation
Mumbai/Bangalore(S.N): Minda Corporation Limited (referred to as “Minda Corp” or the “Company”; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda, a leading automotive components supplier to OEM’s and tier 1 customers has entered into agreement for forming a Joint Venture (JV) with HSIN Chong Machinery Works Co. Ltd. (HCMF) from Taiwan, a leading global manufacturer of automotive Sunroof and closure systems. This partnership aims to provide cutting-edge technology backed by state-of-the-art manufacturing of Sunroof and Closure Technology Products for passenger cars by localization in India.
The joint venture will offer a full system solution rangingLibrary from design, development to manufacturing of sunroof for passenger vehicles.
With changing consumer preferences for premiumisation the market for sunroof in India is expected to reach USD 500 – 600 Million by 2030.
Announcing the collaboration, Mr. Aakash Minda, Executive Director – Minda Corporation said, We are excited to collaborate with HCMF, a global manufacturer of automotive Sunroof and Closure systems. This new venture is aligned with our vision to offer advanced products and technologies in the vehicle access space, particularly for passenger cars increasing the Content per vehicle. With the changing consumer preferences and increasing demand for premium features, the market for Sunroof and other advanced vehicle access products is expected to grow multi fold in the years to come. Our continuous focus to bring new and advanced technology products will lead the next phase of our growth.
This collaboration will help Spark Minda stay at the forefront by offering localized solutions.
Commenting on the JV, Mr. Hsi Chi Ming, CEO & President, HCMF said, “The Indian automobile industry is a rapidly growing market, driven by increasing affluence and the demand for premium products. We are excited to begin our foray into one of the world’s largest automotive markets with Spark Minda, the leading automotive solution provider in India. HCMF is confident that this partnership will effectively channelize the complementary strengths of both organizations and establish a strong presence in the rapidly expanding sunroof and closure systems market in the country.”
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. The company operates via its 29 Sales, technical and manufacturing facilities spread globally.