Fujitsu Ten Limited Forms Joint Venture Companies With Uno Minda For Car Infotainment Products
First Ever Integrated Design, Development and Manufacturing of Car Infotainment* Products in India.
- (1888PressRelease) May 16, 2012 - Leading Japanese automobile component manufacturer FUJITSU TEN LIMITED (Headquartered at Kobe, Japan, President: Takashi Shigematsu, Capital: 5.3 billion JPY) and leading Indian auto components manufacturer Uno Minda, NK Minda Group (Headquartered at Manesar, Haryana, CMD: N K Minda, Capital: 5650 Mil INR) have agreed to establish new manufacturing and sales joint venture companies in India for Car Infotainment products. The JV agreement was signed today at Bangalore, Karnataka.
The automotive industry in India is one of the largest in the world and one of the fastest growing globally. Considering that the number of new car sales in India exceeded 2.5 million in 2011, Indian car market has launched itself into a real motorization era and further expansion can be expected at a rapid pace. This JV is an attempt to tap into the growing segment of Car Infotainment products and bring innovative products to Indian market. The JV's manufacturing facility will come up at Bawal, Haryana. The JV plans to produce Car infotainment products such as CD Tuners, Display Audios AVNs, & Speakers. The Production will start in October 2013.
On the occasion, Mr. Shigematsu, President of Fujitsu Ten said, "We are confident that this partnership can leverage the fundamental strengths of both partner companies and that this JV will offer strong products which makes Indian customers happy. With Uno Minda providing a strong business base to Fujitsu Ten's innovative and technically superior products, we aim to bring the best of technologies to Indian market. We will meet the expectations of Indian customers continuously through this JV."
Mr. Nirmal K Minda, CMD of NK Minda Group, said, "Uno Minda, NK Minda Group has maintained a tradition of bringing the latest automotive technologies to India. We are delighted to partner with Fujitsu Ten and are confident that this JV will create a very strong local production base to offer market-leading, technology intensive Audio Infotainment System to Indian OEMs. This JV will bring local design, product development and complete manufacturing for the very first time in India for such products."
Brief highlights of the Joint Venture（Plan）
Manufacturing facility Sales Company
Name Fujitsu Ten Minda India Pvt. Ltd. Minda F Ten Pvt. Ltd.
Established July, 2012 July, 2012
Registered Address Delhi, India Delhi, India
Capital Initial year Paid-in Capital
300 Mil INR(480 Mil JPY) Initial year Paid-in Capital
50 Mil INR(80 Mil JPY)
800 Mil INR (till FY16)
(1.29 Bil JPY) 100 Mil INR (till FY16)
(160 Mil JPY)
Capital Structure Fujitsu Ten Ltd, 51%
N K Minda group 49% Fujitsu Ten Ltd, 49%
N K Minda group 51%
Representative Chairman of the board: Yoriyasu Fukatsu
Managing Director：Naveesh Garg Chairman of the board: Yoriyasu Fukatsu
Managing Director：Naveesh Garg
Business Purposes Designing, Development, Manufacturing of CI (Car Infotainment) products and its Accessories Marketing, Sale, Service of CI (Car Infotainment) products and its Accessories
About FUJITSU TEN
FUJITSU TEN LIMITED（Headquarters／Kobe, Hyogo prefecture, Japan; Capital／5.3 billion yen), established in 1972 with investment from FUJITSU LIMITED, TOYOTA MOTOR CORPORATION, and DENSO CORPORATION, is a leading manufacturer of automotive electronic equipment. It is a globally-recognized manufacturer of car navigation and audio systems, ECU for engine and airbag control, and mobile communication equipment. Consolidated sales totaled 249 billion yen（US$3.11 billion） for the fiscal year ending March 31, 2012.
FUJITSU TEN is involved in the development of systems that use sensor technologies such as cameras and millimeter wave radar to detect obstacles near automobiles. It is expanding its business globally by fulfilling orders for genuine products for Toyota and other automobile manufactures both domestically and overseas.
For more information, see FUJITSU TEN official site http://www.fujitsu-ten.com/
FUJITSU TEN channel http://www.youtube.com/FUJITSUTENLIMITED
FUJITSU TEN facebook http://www.facebook.com/FUJITSUTENLIMITED
About Uno Minda, N K Minda Group
Uno Minda, NK Minda Group, a technology leader in Auto Components Industry, is a leading supplier of proprietary automotive solutions to OEMs as Tier-1. It manufactures Automobile Components for Original Equipment Manufacturers (OEMs). It is today a 20 Bil INR (US$400 million) group and is rapidly expanding with increased market share in its product lines.
The Group is a global player in automotive sector with manufacturing facilities in Indonesia and Vietnam and Offices in Japan, Europe and China. It has 27 manufacturing plants in India and has JVs/Technical Agreements with world renowned manufactures in Italy, India and Japan. Our continuous effort is to deliver high technology and quality products to our valued customers in worldwide area. For more information please visit www.mindagroup.com.
Note to Editors: This document contains forward-looking statements about FUJITSU TEN Limited and NK Minda Group, which are based on the beliefs, opinions and expectations of the company's management as the date of this press release and the companies do not assume any obligation to update their forward looking statements if those beliefs, opinions, expectations, or other circumstances should change, These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Consequently, readers should not place any undue reliance on such forward-looking statements.