Minda Corporation (Minda Corp), the flagship company of Spark Minda, a tier 1 supplier has entered into an agreement to form a joint venture (JV) with Taiwan-based HSIN Chong Machinery Works (HCMF), a global manufacturer of automotive sunroof and closure systems.
The joint venture will offer a full system solution ranging from design, development to manufacturing of sunroof for passenger vehicles in India. With changing consumer preferences for premiumisation the market for sunroof in India is expected to reach $500 – $600 million by 2030.
Aakash Minda, Executive Director, Minda Corporation said, “This new venture is aligned with our vision to offer advanced products and technologies in the vehicle access space, particularly for passenger cars increasing the content per vehicle. With the changing consumer preferences and increasing demand for premium features, the market for Sunroof and other advanced vehicle access products is expected to grow multi-fold in the years to come. Our continuous focus to bring new and advanced technology products will lead the next phase of our growth”
Hsi Chi Ming, CEO & President, HCMF said, “The Indian automobile industry is a rapidly growing market, driven by increasing affluence and the demand for premium products. HCMF is confident that this partnership will effectively channelise the complementary strengths of both organisations and establish a strong presence in the rapidly expanding sunroof and closure systems market in the country.”
Founded in 1961, HCMF is engaged in various product groups like roof systems, comfort closure systems, door and closure mechanical systems, seat systems and mechanical and mechatronic systems. The company operates via its 29 Sales, technical and manufacturing facilities spread globally.
