Uno Minda enters into JV for automotive seating businessUNOMINDA - 556 Change: 6.50 (1.18 %)
In a regulatory exchange filing, Uno Minda (erstwhile Minda Industries) informed exchanges about entering into a JV with TACHI-S, Japan to expand its automotive seating system product offering in the passenger vehicle segment. Uno Minda and TACHI-S will manufacture and market seat recliners for four wheeler passenger vehicle in India. The company would be holding 51% stake and would invest up to Rs 10 crore in the JV.
The company’s presence in the seating space is currently limited to its offering under Harita Seating where it manufactures seats for CV, 2-W and contributes ~11% of topline as of FY22. JV partner TACHI-S has 70 facilities in 13 countries, provides products, services to leading OEMs around the world and had sales of ~Rs 11,640 crore as of FY22. This JV will offer various products, including recliners, in the first phase with the intention of expanding into other seating mechanisms, seat frames and complete seating assembly. We believe the investment amount would be small initially but will be of great support for expanding its presence into the blooming PV space and bodes well for the company’s penchant to grow ahead of industry.