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Auto components maker Spark Minda, part of the Ashok Minda Group, has entered into a 50:50 joint venture with US-based Vehicle Access Systems Technology (VAST) to expand its global presence.
The JV, Minda VAST Access Systems Pvt Ltd, will have operations in Pune and Delhi-NCR, Minda said in a statement.
“The alliance is a step towards ensuring support to meet the expectation of targeted and strategic customers.
“VAST’s global presence will help us reach out to more areas and expand our base and offer new technology with latest products to our customers,” Ashok Minda, Group Chief Executive Officer, Minda Group, said.
With around $1.2 billion in sales and around 8,000 employees, VAST is one of the global market leaders in the access systems business. Its manufacturing facilities are based in Germany, Mexico, Czech Republic, the US, China and Brazil.
Spark Minda is one of the leading manufacturers of auto components for original equipment manufacturers.
The $500-million Group, with 11,200 employees, is catering to the leading two and four wheeler vehicle manufacturers in India and overseas markets.
It has 27 plants in India and six plants in overseas locations, including Germany, Poland, Czech Republic, Indonesia, Vietnam, Uzbekistan and offices in Russia and Japan.
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