Nk Minda Group Announces Its Foray into Starter Motors & Alternators (2007-07-24)
The Rs.832 crore NK Minda Group today announced its Joint Venture Agreement with Valeo Electrical Systems (a 1085 M € company) of France. The venture is setting up a new plant at Pune to manufacture starter motors and alternators.
The new entity to be christened Valeo Minda Electrical Systems India Private Limited (VMESPL) will manufacture starter motors and alternators for cars. The JV agreement envisages that 66.7% equity will be held by Valeo and 33.3 % equity will be held by NK Minda Group.
The new company is investing around Rs.100 to 120 crore at Pune. This investment will be spread over 4 years and around 10 % of the total amount is earmarked for setting up an R&D lab at the new facility. The commercial production is likely to commence at Chakan in March 2008.
