(1888PressRelease)
October 01, 2009 - The new company, which will be jointly controlled, will be headquartered in New Delhi, India and will exploit the global design, production and distribution strengths of parent companies to deliver gas fuel systems to the global market. EMER will support the new venture through supply of technology, design and testing; MINDA will provide production competencies and market development services.
Minda-EMER kits will be manufactured at Manesar and an investment of Rs.40 crore over the next three years is envisaged in the JV. The first Minda – EMER kits will be available in India in March 2010. The production facility will have an installed capacity of 500,000 parts including 120,000 systems / kits annually by 2012. By 2012, the company will achieve 80% localization.
The Joint venture besides producing and supplying kits to the OEM’s will also manufacture kits for the retail market for retrofitting. The Minda-Emer kits will incorporate the latest technological advancements available globally to provide cost effective and innovative solutions for LPG, CNG and HCNG systems.
“We believe the Indian market for vehicles and industrial engines operating on low carbon fuels such as natural gas will continue to grow rapidly. Our new partnership with Minda will create a unique company with a strong production local base to provide market-leading high performance alternate fuel systems to customers in India and around the world. With the complementary skills and experience brought to the new venture by its founding parents, we look forward to the successful launch of a major new initiative in the alternate fuels industry” said Sergio Ravagli, EMER’s President of the Board.
Minda has expertise in offering alternate fuel solutions and is the only organised player in India to have manufacturing facilities. Minda fuel kits are already a part of the “green fuel revolution” in India and are part of the standard CNG and LPG offerings in Toyota Innova and Wagon R Duo.
“Our experience in the alternate fuels vehicle business suggests that the world is on the threshold of a major expansion of the use of these fuels, and our customers are asking us for more help in rapidly developing high-quality, reliable and economical alternate fuel products for their own markets. MINDA’s experience and reputation for advanced technology, added to our leadership position in manufacturing and market support, can deliver what the market needs” said NK MINDA, Chairman of NK MINDA Group
About EMER spa:
EMER, established in 1975, is based in Brescia, Italy and is a leading global player in the Alternate Fuel Vehicles (AFV) sector. EMER designs, manufactures and markets complete fueling systems for new vehicles and for the aftermarket conversion of engines from gasoline (petrol) and Diesel to CNG, LPG, HCNG and has developed specific competencies on Hydrogen applications. Since 1997, EMER has been part of several OEMs alternate fuels projects and today EMER is tier1 privileged supplier to some of the most important manufacturers of engines and vehicles worldwide, including Maruti Suzuki, Tata, Volkswagen, Citroën, Isuzu and Fiat. EMER has production facilities in Europe and South America and a global distributorship network. www.emer.it
About MINDA:
MINDA is a leading automotive supplier of proprietary solutions to OEMs as Tier-1. MINDA manufactures Switches, Electric Mirrors, Horns, Lamps, Alternator-Starters, Blow molding Components, Electronics & Sensors, CNG-LPG Kits, Batteries & Seats under its brand name. NK MINDA Group today is $270 Million and looking ahead to grow with increased market share in its product lines.
MINDA is a global player in automotive sector with its manufacturing facilities in Indonesia and Vietnam and Offices in Japan, Europe and China. NK MINDA Group has 20 manufacturing units in India.
NK MINDA Group has JVs/Technical Agreements with world renowned manufactures such as Tokai Rika- Japan, FIAMM -Italy, Soft Italia- Italy, Valeo-France, Kyoraku -Indonesia & TYC Brothers- Taiwan. Our continuous effort is to deliver high technology and quality products to our valued customers such as Maruti Suzuki, Tata Motors, Toyota Kirloskar, Mahindra, Bajaj Auto, TVS, Hero Honda, HMSI, HSCIL, Volkswagen, GMIL, FIPL, RNPO, YAMAHA etc
www.mindagroup.com
This document contains forward-looking statements about EMER and MINDA, 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.
For more information, please contact:
Sunil Kumar Singh / Nidhi Gupta
sunil ( @ ) finessepr dot com / nidhi ( @ ) finessepr dot com
Finesse PR
+91 11 43056200 (30 Lines)
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