Auto component maker Uno Minda has inked a joint venture agreement with Japan’s Toyoda Gosei Co to manufacture and sell rubber hoses in the country. As per the agreement, the partners would set up a joint venture (JV) firm with total investment of Rs 85.3 crore in a phased manner with an equity share of 51 percent with Uno Minda; 44 percent with Toyoda Gosei Co and 5 percent with Toyota Tsusho Corporation.
“The new JV company will be known as Minda TG Rubber with manufacturing plant set up at Bawal, Haryana initially and start of production planned in third quarter of fiscal year 2015,” Uno Minda said in a statement. Uno Minda and Toyoda Gosei Co. already have an existing collaboration in India since 2011 for manufacture and sale of safety products, steering wheel with airbags, body sealings, with manufacturing facility set up at Neemrana.