Japanese suppliers in India aim to gain clients; satisfy rising OEM production
Activities of Aisan Industry, H-One, Calsonic Kansei, SEIREN, TS Tech, T.RAD, Denso and others
(Please click the map for OEM plant locations.)
Indian market overview: starts recovering in June
In India, automobile production volume in 2013 was 3.88 million units, down by 6.3% year over year (y/y), and new vehicle sales in 2013 were 3.24 million units, down by 9.6% y/y, showing a negative growth influenced by factors such as the slow economy, high interest rates and high fuel prices. This downward trend had continued until around April 2014 for about two years, however, the new vehicle sales and production turned positive in June backed by expectations for an economic recovery after the change in regime in May. The cumulative new vehicle sales during the period from January to September 2014 declined by 3.4% y/y to 2.38 million units and production volume decreased by 2.4% y/y to 2.9 million units.
Advancement of Japanese suppliers
Under these market conditions, Japanese automotive parts suppliers continue to enter into the Indian market, expanding production capacity and enhancing business plans, following Japanese automakers' mid-term plans for increasing automobile production volume. It was also observed that many of the newly established companies, which were established by these suppliers in India, were joint venture (JV)s with local parts suppliers.
Their investment areas extend to northern states of India (Haryana, Rajasthan, Uttar Pradesh and Delhi capital region), the central state (Jharkhand), the western states (such as Maharashtra and Gujarat), and the southern states (Tamil Nadu, Karnataka and Andhra Pradesh).
Establishing new business locations
|To build new plants
|To ensure a stable supply to meet growing needs of Japanese automakers for their increased production||Calsonic Kansei, Shiroki (JV), Seiren, TS Tech and Toyo Seat (JV)|
|To supply products to new customers other than Japanese automakers||Nabtesco (JV for Volvo), Alps Electric, Fujitsu Ten (JV)(These companies also supply to local makers.)|
|To supply products to Japanese parts makers||Ogura Clutch, Kikuwa and Kyoshin|
|To set up new sales companies||To expand business to new customers other than existing primary customers||Toyota Boshoku|
|To expand markets||Renesas Electronics|
Expanding production capacity (many suppliers are expanding their businesses to local manufacturers and other new customers other than Japanese manufactures)
|To build a second plant||Aisan Industry, H-One, Toyo Tire & Rubber, etc.|
|To build a third plant, etc.||Owari Precise Products and Yazaki (company's 9th plant)|
|To construct additional buildings, facilities and equipment||Alpha, Ahresty, H-One, Kanemitsu and Musashi Seimitsu|
|To launch new products||To establish joint ventures with ethnic manufacturers||Nippon Steel & Sumitomo Metal (high-strength steel, T.RAD (automotive air conditioners), Toyota Tsusho (compound resin) and Riken (camshafts)|
|To construct additional facilities and equipment at existing plants||PIOLAX (opening and closing mechanism parts for Hyundai)|
Strengthening organizations and suspending or postponing entry into new markets
|To acquire 100% ownership of joint ventures or technical partners||F.C.C., Kasai Kogyo and Hitachi Metals|
|To increase the number of development engineers at technical centers||Denso|
|To suspend or postpone entry into the new market and building new plants||Clarion, GMB and Ichikoh Industries, etc.|
The following are recent moves of Japanese parts suppliers in India (the survey period covers 14 months until October 2014).
Japanese suppliers Related Reports:
* Mexico: New plants built to satisfy OEM demand (Oct. 2014),
Mexico and Brazil: Expanding capacity for local demand (Oct. 2014)
* Thailand (Sep. 2014)
* Indonesia (Jun. 2014), Vietnam, Malaysia, Laos, and Myanmar (Jun. 2014)
* Europe (Jul. 2014), the U.S. (Apr. 2014)
* China (Part 1): Eastern and Central China (Mar. 2014)
China (Part 2): Northern, Northeastern & Southern regions (Mar. 2014)
* India (Sep. 2013)
Establishing new plants & sales companies: Calsonic Kansei, Shiroki, Seiren and others
Sets up new plant to produce onboard switchesAlps Electric Co., Ltd. has established a new plant in Gurgaon City in Haryana. The new plant belongs to its subsidiary, ALPS Electric (India) Pvt. Ltd. The plant will start local production of onboard switches such as power window switches and mirror switches. This move was made to meet increasing demand for local production. In January 2014, the company's sales division relocated from its old plant. The new plant partly started operations such as inspection of a part of the products in May 2014. Full-scale production is scheduled to start from 2015 onward. The company plans to supply the products to Indian local manufacturers and foreign-affiliated manufacturers.
Aborts plan to establishing JV with leading Indian parts supplierIchikoh Industries, Ltd. was planning to establish a joint venture with Fiem Industries Ltd., an Indian leading lamp and mirror manufacturer in 2010. However, it was found in January 2014 that the plan was called off.
Establishes company to manufacture and sell clutches for automotive air conditioners; to start production in 2015Ogura Clutch Co., Ltd. has established a manufacturing and sales company, Ogura Clutch India Pvt. Ltd. (in Haryana state) in June 2014. The new company was capitalized at roughly JPY 330 million. It started preparation for production at a rental plant near New Delhi in the summer of 2014. Mass production is scheduled to start in the fall of 2015. The plant will first produce 100,000 units for Japanese compressor manufacturers in the initial year. It will expand the scale of production up to 600,000 units by 2017. The company also plans to manufacture and sell various clutches and brakes for transportation equipment and general industrial machinery.
Establishes new plant to manufacture compressors for automotive air conditioners and starts operations in September 2014Calsonic Kansei Corporation has set up a new plant on the premises of Calsonic Kansei Motherson Auto Products Limited (Haryana state), in which Calsonic Kansei has a 51% share. The plant started manufacturing compressors for automotive air conditioners and began shipping in September 2014. Up until then, the company had been importing the products from Thailand. With growing demands; however, the company aims to ensure a stable supply to Japanese automakers through local production. It plans to produce approximately 600,000 units annually by the second half of 2015.
Establishes plant to manufacture precision aluminum die casting parts and starts mass production in June 2014Kikuwa Corporation has constructed Kikuwa India Private Limited's new plant (in Andhra Pradesh) and started mass production of precision aluminum die casting parts in June 2014. The company is selling parts for motorcycles and automobiles. It initially started operations with 50 employees and will scale up the facilities and equipment as the market grows. The company also has its eyes set on constructing a second plant.
Establishes a company that manufactures and sells metal catalysts in March 2014 to start operations in December 2015Cataler Corporation has established Cataler India Auto Parts Pvt. Ltd. in Karnataka in March 2014. The company plans to start production of metal catalysts for motorcycles in December 2015. It aims to produce 1 million units of catalysts annually to market and sell them to local and Japanese manufacturers. The company is currently supplying the products from its Thai plant, and intends to increase its competitiveness through local production. It plans to produce catalysts for automobiles in the future after securing profitability with motorcycle catalysts.
Establishes a JV to manufacture swaging and cutting processed products in 2014 to start production in May 2015Kyoshin, Inc. has established Uniproducts Kyoshin (India) Ltd. (in Haryana state), which manufactures swaging and cutting processed parts, jointly with a local parts supplier on a fifty-fifty basis in September 2014. The new company was capitalized at JPY 7 million. The company will transfer manufacturing equipment from its plant in Japan to a leased plant, and will start production by May 2015. In addition to supplying products to Japanese parts supplier in India, it plans to export the products to Europe and Africa. The company's sales target for 2017 is JPY 100 million. It aims to receive new orders from parts manufacturers in the U.S., Europe and Asia, hoping that new orders could lead to an increase in production at its plants in Japan.
Local production is difficult because the hurdle is high to procure partsClarion Co., Ltd. has established a sales company Clarion India Private Limited (in New Delhi) in April 2014. The company initially intended to start local production as well; however, Clarion found it difficult to do so. The company could not find any parts suppliers in India. Using parts exported from China and Southeast Asia was also difficult as tariffs are imposed on them (reported in April 2014).
Postpones establishment of local company in IndiaGMB Corporation initially planned to establish a parts sales company Mumbai GMB Co., Ltd. (in Mumbai, Maharashtra State) via its Korean subsidiary GMB Korea Corp. in December 2013 to perform local research activities for securing logistics and production locations in the future. However, the company decided to postpone the establishment of the company in July 2014, judging from economic conditions and demand trends in India.
Establishes JV to begin production of wind regulators in January 2015Shiroki Corporation has established a joint venture Shiroki Technico India Pvt. Ltd., in Haryana State in July 2014. It was capitalized at INR 300 million. Shiroki owns a 50% plus one share of the joint venture. The rest of the shares are owned by Technico Industries Ltd., an Indian parts supplier. The joint venture will start production of wind regulators and seat parts in January 2015. The amount of investment is approx. JPY 2 billion. The company expects sales of INR 1.9 billion (JPY 3.3 billion) in the fiscal year (FY) ending in March 2016 (FY 2015).
To make decision on the establishment of new tire plant within 2014Sumitomo Rubber industries, Ltd. has been selling Falken brand tires at its local sales company Falken Tyre India Private Limited (in Haryana State) since April 2013. The company plans to increase its distributors from 650 stores as of mid-2014 to around 800 stores by the end of the year to sell 680,000 tires in 2015. As India is an important market to the company, it intends to make a decision on the construction of a new plant within 2014.
Starts mass production at seat fabric plant at the end of 2013Seiren Co., Ltd. started production of seat fabric at Seiren India Pvt. Ltd.'s new plant (in Karnataka State) at the end of 2013. The company plans to produce 200,000 meters of fabrics per month in 2016. The company also plans to increase the global monthly production volume from 3.68 million meters in 2013 to 4.76 million meters by 2016. As a part of this plan, it built new plants in India and Indonesia. It plans to produce 210,000 meters of fabrics in Indonesia in 2016.
Sets up a new plant to manufacture seats and starts operations in February 2014TS Tech Co., Ltd. started operations of TS Tech Sun Rajasthan Private Limited's new plant (in Rajasthan State) in February 2014. The company has put into place its supply system for seats and interior parts to meet increased demands following its primary customer, Honda's construction of a second passenger car plant (annual production capacity of 120,000 units). Combining with its existing plant, total production capacity will be doubled. The amount of investment was JPY 1.5 billion.
Establishes JV of structural parts for seats to start mass production in 2015Toyo Seat Co., Ltd. agreed to establish Toyo Sharda India (in New Delhi), a joint venture that manufactures mechanical parts used for seats, with Relan Group of Industries in August 2014. The Relan Group owns Bharat Seats Ltd. (BSL), an Indian leading automotive seat manufacturer. It was capitalized at JPY 100 million, which was equally split between Toyo Seat and the Relan Group. The joint venture will begin mass production at the BSL plant in Haryana, located near the plant of its customer, Maruti Suzuki, in August 2015. Annual production capacity of the plant is 150,000 lifters and 200,000 recliners.
Establishes joint sales venture for interior parts, such as seatsToyota Boshoku Corporation has established Toyota Boshoku Relan India Private Limited (in Maharashtra State), which performs sales activities for interior parts, in November 2013. The joint venture was established with Relan Group of Industries which operates automotive components businesses. It was capitalized at JPY 140 million. Toyota Boshoku Asia and Relan Group's automotive components company, Sharda Motor Industries Limited, invested equally in the JV. The company aims to strengthen its sales activities, increase the percentage of sales from customers other than Toyota and expand its seat business.
Sets up new production line at its JV that produces commercial vehicle parts and starts production of brake valves in June 2014Nabtesco Corporation has set up a new production line at its joint venture Minda Nabtesco Private Limited (in Uttarakhand State), which was established in January 2013. The line will start production of brake valves for commercial vehicles in June 2014. The company will supply the products to Eicher, a local commercial vehicle manufacturer that has tied up with Nabtesco's first customer Volvo. It will supply parts for 6,000 vehicles in the initial year. The company plans to ramp up the production line during three years from 2013 to 2015 by investing JPY 350 million to increase the annual production to 50,000 units. The joint venture was capitalized roughly at JPY 570 million. NK Minda Group in India owns a 51% share and Nabtesco Automotive Pvt. Ltd. owns 49%.
Establishes engine valve manufacturing plant in August 2014Nittan Valve Co., Ltd. has established an engine valve manufacturing subsidiary, Nittan India Tech Private Limited (in Andhra Pradesh), in June 2013 to meet the needs that were arising from Japanese motorcycle manufacturers' localization of production. The subsidiary was capitalized at JPY 1 billion. The company transferred two production lines from the plant at its headquarters and started production of engine valves for motorcycles in August 2014. It will supply 5 million units per year. The company intends to transfer another two production lines from Japan to expand the annual production of the plant to 9 million units. It aims to further ramp up the facilities and equipment while observing the trends in demands for automotive parts.
To establish lead-acid storage battery JV in November 2014Panasonic Corporation will establish Panasonic Minda Storage Batteries India Pvt. Ltd. (in New Delhi) in November 2014 to develop, manufacture and sell lead-acid storage batteries for motorcycles and automobiles and industrial batteries. The JV was established with Minda Industries Ltd. in India. It will be capitalized at INR 1.6 billion. Panasonic will own 60% and Uno Minda will own 40% of the equity (as of April 2015). Minda's existing plant, located in Uttarakhand State, will be utilized for the new plant and will start operations in and after October 2015. The annual production capacity is expected to become 2 million units by 2018.
Starts operations of JV to manufacture friction materials in 2013Hitachi Chemical Co., Ltd. began operations of its JV, Alied JB Friction Private Limited's plant (in Rajasthan state) in July 2013. The plant produces friction materials and brake pads for motorcycles and automobiles to supply them to Japanese automakers. The joint venture was capitalized at INR 761 million. Hitachi Chemical owns a 51% share and Allied Nippon Limited owns 49%.
Starts operations of JV plant to produce onboard multimedia products in September 2013Fujitsu Ten Limited began operations of its JV plant, Fujitsu Ten Minda India Pvt. Ltd. (in Haryana State) in September 2013. It was capitalized at INR 525 million. Fujitsu Ten owns a 51% share of the joint venture and Uno Minda owns 49%. It initially manufactured CD tuners and display audios that were installed on luxury cars as factory equipment and sold them to Japanese and local automakers. Annual production capacity of the plant is 455,000 units. The company will consider expansion of the plant or product line to include navigations, speakers, and ECUs, while observing market trends in the years to come.
Establishes sales and development subsidiary of semiconductor products and starts operations in April 2014Renesas Electronics Corporation has established Renesas Electronics India Pvt. Ltd. (in Bangalore City in Karnataka State) as a wholly-owned subsidiary of its dealer Renesas Electronics Singapore Pte. Ltd. The new subsidiary started operations in April 2014. The subsidiary markets and sells kit solutions consisting microcontrollers, analog and power semiconductors for automobiles and home appliances. It also develops solutions for motorcycles.
Expanding production capacity & launching new products: H-One, Alpha,T.RAD and others
Starts operations of second plant in summer of 2014 to produce fuel pump modules and throttle bodiesAisan Industry Co., Ltd. started operations of Aisan Auto Parts India Pvt. Ltd.’s (Andhra Pradesh State) second plant (Chennai City, Tamil Nadu State) in the summer of 2014. The plant produces fuel pump modules and throttle bodies. The plant's initial production capacity is 100,000 units for each part. It will supply these parts to Toyota, which aims to expand engine plants, and other Japanese automakers in India.
Increases capital in local subsidiary to expand capital investment and strengthen financial foundationAlpha Corporation increased the capital in Alpha Security Instruments (India) Private Limited (Tamil Nadu State), which manufactures and sells key sets and door handles, by approx. JPY 136 million in May 2014. The decision was made to expand the company's production capacity and strengthen its financial foundation. After this capital increase, the subsidiary's total capital amounted to JPY 320 million.
Expands plant facilities to increase production capacity of aluminum die casting partsAhresty Corporation will increase its production capacity for aluminum die casting parts of Ahresty India Private Limited (in Haryana State) by over 20% from the 2013 level by 2015. The company expanded plant facilities and added three casting machines to meet increasing demands from Japanese automakers. The ramped up plant started operations in July 2014, and will begin full-scale operations in FY 2015. The company also aims to win orders for parts not only for gasoline cars but also for diesel cars.
Expands production capacity of existing plants to produce pressed and welded parts and starts operations of new plant in 2014H-One Co, Ltd. has set up a bulkhead line for welding at H-ONE India PVT.,Ltd.'s (Uttar Pradesh State) existing plant and started operations in November 2013. The company also additionally installed a 600-ton tandem press machine (TDM) and 300-ton TDM and commenced operations in May 2014. The company's annual production volume of frame parts exceeded 100,000 vehicles worth of parts and it has been operating at its full production. The company aims to meet Honda's increasing demands generated by the expansion in production and to improve its productivity. The amount of investment in pressing machines is JPY 200 million. In addition to these machines, the company constructed a new plant (in Rajasthan State) and started operations of the welding lines for motorcycles and automobiles in January 2014. It will also refurbish the buildings to install an additional welding line for automotive parts. It will introduce a 2,500-ton transfer press machine (TRF) in 2016 in an effort to increase orders for motorcycle and automotive parts.
|Owari Precise Products||
To build third plant to expand production capacity for synchronizer rings for MTOwari Precise Products Co., Ltd. will newly establish Owari Precision Products (India) Private Limited's (Karnataka State) third plant and will begin production of synchronizer rings for manual transmissions in 2015. The amount of investment is JPY 230 million. The annual production capacity of the third plant will be 4.5 million units, which is 1.8 times larger than the combined annual production of the existing two plants of 2.5 million units. The expansion in production capacity will be made to meet its customers, Japanese automakers' growing needs for local procurement.
To establish pre-process line for pulleys with integrally molded bossKanemitsu Co., Ltd. will newly establish a pre-process line for pulleys with integrally molded boss, which are used for engine parts, at JBM Kanemitsu Pulleys Private Limited's. plant (in Haryana State) in FY 2014. The company aims to reduce costs and expand production capacity by developing parts in-house.
|Nippon Steel & Sumitomo Metal||
Begins producing high-strength steel at JV plant in May 2014Nippon Steel & Sumitomo Metal Corporation started the production of high-tensile steel sheet in May 2014 at Jamshedpur Continuous Annealing and Processing Company Private Limited's plant (in Jharkhand State), a joint venture with Tata Steel Limited. It was capitalized at JPY 1.58 million. Tata Steel has a 51% share and Nippon Steel & Sumitomo Metal has 49%. The plant was constructed on the premises of the Jamshedpur steel plant, which is Tata Steel's key manufacturing location. The amount of capital investment is JPY 3.7 million. Nippon Steel & Sumitomo Metal provides the state of the art facilities and equipment and cutting edge manufacturing technologies. The annual production capacity is 600,000 ton.
|Sumitomo Riko (former Tokai Rubber)||
Sumitomo Riko starts operations of second anti-vibration rubber plant in November 2013Sumitomo Riko Company Limited, which was formerly Tokai Rubber, has constructed the second plant (in Rajasthan state) of Tokai Rubber Auto-Parts India Private Ltd.'s (headquartered in Karnataka state) second plant in Rajasthan state. The subsidiary has an anti-vibration rubber plant in the suburbs of Bangalore in the southern part of India. The amount of investment is JPY 1.3 billion. The second plant started mass production of anti-vibration rubber in November 2013. It supplies to Japanese automakers in the northern part of India, such as Maruti Suzuki and Honda. The company plans to increase the production volume in a phased manner untill reaching its full production in 2015 to 2016. The company expects sales of JPY 1.1 billion in FY 2015.
Establishes new JV that produces automotive air conditioners; to construct plant within 2014T.RAD Co., Ltd. announced in December 2013 that Tata Toyo Radiator Limited (TTR), a joint venture with Tata Group's parts supplier entered into an agreement to establish a joint venture (in Maharashtra state) with a leading Australian parts supplier, Air International Thermal Systems (AITS). The two companies will equally invest in the joint venture. It will construct a plant within 2014 to start the production of automotive air conditioners. It will supply the products to local automakers such as Tata Motors. The size of its business fund is JPY 300 million.
Establishes JV for synthetic resin compound business and starts full-scale manufacturing in June 2014Toyota Tsusho Corporation has established Samvardhana Motherson Nippisun Technology Limited. (in the suburbs of Delhi, Uttar Pradesh State), a joint venture that operates a synthetic resin compound business in March 2013. It was capitalized at JPY 160 million. Toyota Tsuho holds a 31% share, Nippon Pigment (Singapore) Pte. Ltd. holds a 19.5% share, and Motherson Sumi Systems Limited holds a 49.5% share. The company constructed a plant outside of Chennai, Tamil Nadu in the southern part of India and began operations in June 2014. It supplies colored and compounded synthetic resin products to Japanese and local parts suppliers. It plans to achieve sales of JPY 4 billion by 2019.
Starts manufacturing of opening and closing mechanism parts for Hyundai in 2014Piolax, Inc. which is manufacturing resin fasteners at Piolax India Private Limited (in Andhra Pradesh), began manufacturing opening and closing mechanism parts used for glove boxes in 2014. It is manufacturing these parts at the Indian plant to receive orders from Hyundai, which manufactures small cars in India and Turkey.
|Mitsui Mining & Smelting||
Establishes second auto exhaust catalyst plant to begin operations in April 2015Mitsui Mining & Smelting Co., Ltd. announced in February 2014 that it will establish Mitsui Kinzoku Components India Private Limited's (headquartered in Haryana state) second auto exhaust catalyst plant in Gujarat State. The plant, which is scheduled to begin operations in April 2015, will manufacture automotive catalysts mainly for motorcycles and utility engine catalysts. The amount of investment is JPY 759 million in the first stage.
Expands production capacity for automotive forged parts in 2014Musashi Seimitsu Industry Co., Ltd. has expanded annual production capacity of Musashi Auto Parts India Pvt. Ltd. (in Haryana State) for automotive parts, such as camshafts, gears and differentials from the production capacity of 120,000 vehicles worth of parts to 240,000 vehicles worth of parts in the spring of 2014. The company has scaled up its production system to accommodate the increased needs from its primary customer, Honda, which started operations of the second plant.
To start operations of the ninth plant in IndiaYazaki Corporation will establish the ninth wire harness plant Gujarat State, India. The company will start operations of the plant within 2014.
Establishes JV to manufacture camshafts and to start operations in December 2015Riken Corporation has established Amtek Riken Casting Private Limited (in Rajasthan State), a JV that manufactures cast-iron camshafts in September 2014. It was capitalized at JPY 430 million, which was equally split between Riken Group and Indian AMTEK Group. Its new plant is scheduled to begin operations in December 2015. The amount of investment is JPY 300 million. The plant also manufactures high-value lightweight camshafts that were developed by Riken. The annual production capacity will be 300 units in 2017. The plant will also produce ductile cast parts. It expects sales of about JPY 1 billion in 2017.
Enhancing organization & development: FCC, Kasai Kogyo, Denso and others
Terminates JV for clutches to acquire 100% ownershipF.C.C. Co., Ltd. announced in September 2014 that it will acquire 100% ownership of its joint venture FCC Rico Ltd. (in Haryana State). It will terminate the joint venture with Rico Auto Industries Ltd. and acquire all the shares of the joint venture held by the partner for JPY 8.7 billion in November 2014. With growth in motorcycle and automobile markets expected, the company will strengthen its business foundation, further streamline business management, enhance control system and accelerate its decision making process. The company aims to increase its market share by placing a particular focus on clutches and other parts for motorcycles as core business.
Terminates JV for interior parts to acquire 100% ownershipKasai Kogyo Co., Ltd. has terminated its joint venture Antolin Kasai TEK Chennai Private Limited (in Tamilnadu State) to acquire 100% ownership. This decision was made following its dissolution of a partnership with Grupo Antolin in 2013. The company acquired all of 50% share held by Antolin until October 2014 for EUR 3.65 million (JPY 550 million). Expecing an increase in production, it will strengthen its business foundation independently.
Increase the number of development engineers by 50% in IndiaDenso Corporation will increase the total number of engineers in its four technical centers located in China, India, Thailand and Brazil by 50% to about 600 from the 2014 level by 2015. The company aims to absorb local needs, meet automakers' requirements for localizing development, enhance the design of the products best suitable for the local market and increase the number of orders. The company's core technical center in India is located in Delhi.
Makes Indian automotive castings companies into subsidiaries to manufacture high-toughness ductile iron castings HNMTM series 1Hitachi Metals, Ltd. acquired a 51% share of Indian RPS VIKAS Castings Pvt. Ltd. (in New Delhi) and Garima Vikas Metals Pvt. Ltd. (in Rajasthan State) through its Korean subsidiary, Nam Yang Metals and Hitachi Metals Singapore Pte. Ltd., making these companies subsidiaries to locally manufacture automotive high-toughness ductile cast iron "HNM". To meet the rapid increase in demands for high-value cast iron products, the company has strengthened its supply system. It changed the name of Garima Vikas to HNV Castings Private Limited. It will merge RPS VIKAS into HNV Castings Private Limited as the surviving company within 2014.
Cancels acquisition of stake in Valeo's Indian subsidiaryU-Shin, Ltd. announced that in January 2014, it canceled the acquisition of a stake in Indian Minda Valeo Security Systems Private Limited (MVI), wherein Valeo in France has a 50% share. The company earlier agreed to the acquisition of the stake in its Access Mechanisms Business purchase agreement entered into with Valeo in May 2013. As MVI took a hostile approach; however, the company decided to cancel the acquisition, expecting that it would take a considerable time to acquire the stake and considering the adverse effects on its business.
(Sources: Press releases by each supplier and newspapers)
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