Minda Industries, Panasonic in joint venture for manufacturing lead acid batteries
- Livemint" target="_blank">Livemint
- October 8, 2014
Mumbai: Noida-based supplier of electronic and mechanical security systems for automobiles Minda Industries Ltd and Japan's Panasonic Corp. on Wednesday announced a joint venture (JV) for manufacturing lead acid batteries.
The manufacturing plant of the JV will be based in Uttarakhand, the two companies said.
Minda is a supplier of electronic and mechanical security systems for two-wheelers, three-wheelers and off-road vehicles to equipment manufacturers and exports about 20% of its products to the US, the UK, Europe and South-East Asia.
On Tuesday, Minda announced that it has purchased a 2% equity from its Japanese JV partner Furukawa Group to increase its holding to 51% in Minda Furukawa Electric Pvt. Ltd (MFE).
In the last few weeks several Japanese companies have announced investments in India following prime minister Narendra Modi's visit to Japan.
On Tuesday, cable manufacturer Sterlite Technologies Ltd announced that is has entered into a joint venture with Japanese firm Viscas Corp. to manufacture extra high-voltage (EHV) cables in India.
As part of the agreement, Viscas will invest in Sterlite's power cable facility in Haridwar, which is currently serving medium voltage (MV) and high voltage (HV) power cable customers in India.
On 11 September, another Japanese firm, Daido Steel Co. Ltd, announced an investment of Rs.56 crore through purchase of preferential equity shares of Sunflag Iron and Steel Co. Ltd, a speciality steel manufacturer.
At 12.12pm, Minda Industries Ltd rose 5.2% to Rs.509.90 while India's benchmark Sensex Index fell 0.2% to 26,590.48 points.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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