Auto component manufacturer Minda Industries of UNO MINDA Group has announced a 50:50 joint venture (JV) with the Taiwan-based Tung Thih Electronic Co. (TTE) in India. While the latter is already an approved supplier for Maruti Suzuki, the joint venture will work together in the manufacturing manufacturing and sale of Driving Assistance Products and Systems (DAPS) for OEMs in the country. The JV aims at both partners making a deeper foray into the fast growing Indian automotive electronic space and will focus on passenger and pedestrian safety products.
The Minda and TTE joint venture proposed to be called 'Minda TTE DAPS' will produce driving assistance products including Rear Parking Aid Systems, Auto Parking Aid Systems, Cameras, Around View Monitor Systems, and much more. The companies said in a statement that the JV will set up its state of the art Greenfield manufacturing facility in the National Capital Region and will have a world class paint shop and assembly line.
Speaking on the joint venture, Minda Industries - CMD, Nirmal K Minda said, "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."
TTE believes that the joint venture will will help bring advanced technology production to the Indian automotive market at a more suitable price point. As part of its future plans, the Minda TTE DAPS also aims to venture into niche technology products like Lane Departure Warning Systems.
