Auto component maker Uno Minda has inked a joint venture pact with Japan's Kosei Aluminum Co to manufacture and sell alloy wheels in the country.
The joint venture firm, Minda Kosei Aluminum Wheel, will be set up in Bawal (Haryana) with a total investment of Rs 200 crore for first phase of production and with an equity share of 70 per cent with Uno Minda and 30 per cent with Kosei Aluminum Co Ltd.
The JV company would develop, manufacture and market aluminium alloy wheels for major car manufacturers, Uno Minda said in a statement.
The start of production is planned from February 2016 with a capacity of 60,000 units per month in the first phase, it added.
"We have been associated with Kosei since 2010 and with this new joint venture, we are confident that this would further strengthen our association," Uno Minda Group CMD N K Minda said.
The company has confirmed business from Maruti Suzuki and is in advance stage of discussion with Mahindra & Mahindra, he added.
"We are confident that with Uno Minda having a strong customer base in India, we will be able to increase our footprints in growing Indian market and contribute to the development of the industry," Kosei Group President & CEO Shunkichi Kamiya said.