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Priyanka Vyas

"Country will become a hub for high-level designing for the manufacturing sector."

New Delhi , Dec 13

Mando Corporation, a South Korean auto components company, has been given approval to set up a design centre at the Noida Software Technology Parks of India (STPI). The simulation centre will be for subsystems of components required for car manufacturing.

Speaking to Business Line, official sources from STPI said: "While Mando has been given approval, two more South Korean companies are likely to set up base at the same locale. However, it would be too early to comment on the investment and the capacity."

Only last month the company received FIPB approval to invest Rs 103 crore to set up a wholly owned subsidiary in Chennai for manufacturing, marketing and distributing power steering systems to Hyundai Motor India and other auto companies.

Currently, STPI Noida houses over 20 chip design companies.

"With more design companies such as these coming to India, the country will become a hub for high-level designing for the manufacturing sector," said senior officials of the STPI.

"This would result in the country becoming a destination for designing the latest version of cars that will be seen in the coming few years."

Mando's operations in India include Mando Automotive Systems India Ltd (MASI) and a plant in Chennai, Mando Brake Systems India Ltd, which was set up in 1997 in a tie-up between the Anand Group and Mando Machinery Corporation, Korea.

In 2002, Mando Brake Systems India entered into a technical licensing agreement with Continental Teves of Germany to meet the requirement of European and US-based car manufacturers such as GM and Ford.

Mando Softtech India, which is in Gurgaon, was established with the purpose of accomplishing the effect of reducing research expenses by combining the engineering skills of Mando and the developed software industry of India.

More Stories on : Foreign Direct Investment | Automobile Components | Cars

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