Joint Venture14 Jun 2024, 08:36 pm
Minda Corporation Ltd Enters Joint Venture with HSIN CHONG MACHINERY WORKS CO., LTD for Automotive Sunroof Solutions
AI Summary
Minda Corporation Ltd has signed a Joint Venture Agreement with HSIN CHONG MACHINERY WORKS CO., LTD (HCMEF) on June 14, 2024, for manufacturing of Automotive Sunroof Solutions and Closure Technology Products for passenger cars. The Joint Venture will be operational through a new joint venture entity, with Minda Corporation and HCMEF each holding 50% of the shares. The initial authorized capital of the proposed JV is INR 831,000,000, divided into 83,100,000 equity shares of INR 10 each. HCMEF will provide an exclusive license to the JV Company to use HCMEF’s know-how for manufacturing of these products in the Territory of India.
Key Highlights
- Minda Corporation Ltd has entered into a Joint Venture Agreement with HSIN CHONG MACHINERY WORKS CO., LTD for manufacturing of Automotive Sunroof Solutions and Closure Technology Products for passenger cars.
- The Joint Venture will be operational through a new joint venture entity, with Minda Corporation and HCMEF each holding 50% of the shares.
- The initial authorized capital of the proposed JV is INR 831,000,000, divided into 83,100,000 equity shares of INR 10 each.
- HSIN CHONG MACHINERY WORKS CO., LTD will provide an exclusive license to the JV Company to use HCMEF’s know-how for manufacturing of these products in the Territory of India.
- The JV Company will be managed jointly by both the parties, with 3 Directors to be appointed by each party.