Automotive components supplier Minda Corporation, the flagship company of Spark Minda, on Friday said it has signed a joint venture (JV) agreement with HSIN Chong Machinery Works (HCMF) from Taiwan, a leading global manufacturer of automotive sunroof and closure systems.
The 50:50 JV between aims to provide cutting-edge technology backed by state-of-the-art manufacturing of sunroof and closure technology products for passenger cars by localisation in India, the company said.
“This collaboration underscores our commitment to Atmanirbhar Bharat, as we strive to deliver comprehensive system solutions encompassing product design, development and manufacturing for passenger vehicles. Furthermore, Spark Minda is committed to expanding our four-wheeler segment offerings by enhancing kit value, ensuring greater benefits for our customers,” Ashok Minda, Chairman and Group Chief Executive Officer, Minda Corporation, said.
With evolving consumer preferences and premiumisation, the market for sunroof in India is expected to grow significantly, he said.
“HCMF is dedicated to provide world-class solutions for the automotive customers globally. HCMF is confident that this partnership will effectively channelise the complementary strengths of both organisations and establish a strong presence in the rapidly expanding market for sunroof and closure systems market in India,” Roger Hsi, Chairman, HCMF, said.