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New Delhi, Dec. 12 Hero Motors Ltd, part of the Hero Group, on Wednesday entered into a joint venture with Kiriu Corporation, Japan.The joint venture company, Munjal Kiriu Industries Pvt Ltd (MKIPL), would manufacture brake discs, drums and knuckles for automotive original equipment manufacturers at Manesar, Haryana.

At an overall investment of Rs 240 crore, the plant would have a capacity to produce 35,000 tonnes of machined castings for the domestic as well as overseas manufacturers.

“This alliance is a strategic move to focus on high technology, quality and high precision automotive manufacturing,” said Mr Pankaj Munjal, Managing Director, Hero Motors.

Kiriu, the second largest disc brake manufacturer of Japan, is a part of the Sumitomo Group. It supplies to Honda, Nissan, Renault, Suzuki amongst others, according to the company statement.

When asked about the company’s plans to enter into commercial vehicles segment, Mr Munjal declined to comment.

More Stories on : Alliances & Joint Ventures | Automobile Components

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