Business Daily from THE HINDU group of publications
Tuesday, Jan 06, 2009
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Business Daily from THE HINDU group of publications Tuesday, Jan 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Corporate Bonds Takata in pact with Anand Automotive System Our Bureau New Delhi, Jan. 5 Japanese auto component company, Takata Corporation announced a joint venture with the Rs 3,000-crore Anand Automotive System to produce safety systems such as seatbelts, airbags, and steering wheels for vehicle producers in the domestic market. While the details on the equity structure between the two entities were not divulged, a company statement said that Takata will be a majority stake holder. The new entity will be known as Takata India Pvt Ltd. “The equity of Anand group will increase in two stages. Yet we will remain a minority partner. The joint investment is likely to be around Rs 230 crore for setting up a plant in Neemrana near Delhi and another in Chennai,” said Mr Deepak Chopra, Managing Director, Anand Automotive Sytems. Takata received an approval from the Foreign Investment Promotion Board (FIPB) to establish a wholly-owned subsidiary in India. Over the last one year, the company was scouting for a joint venture partner and was carrying out minor assembly operations for certain parts to cater to Honda. Globally, the company has over 34,000 employees with 46 manufacturing locations in16 countries. Anand Automotive System has 18 companies within the group employing about 7,500 professionals and makes diverse parts such as shock absorbers, struts, front forks, engine bearings, automotive and industrial filters, piston rings, gaskets, axles, propeller shafts amongst others. More Stories on : Corporate Bonds | Automobile Components
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