Auto parts maker Uno Minda on Thursday said it will set up a joint venture with Japanese firm Tachi-S Company to manufacture and market seat recliners for four-wheeler passenger vehicles in the country. Uno Minda is already present in the automotive seating systems for two-wheeler and commercial vehicles.
The joint venture will help expand the company’s product offering in this space in the four-wheeler passenger vehicle segment as well.
The company has received a nod from the board for the JV, besides approval for an investment of up to Rs 10 crore in the first phase for recliner product, which has qualified for business from Indian OEMs, Uno Minda said.
Uno Minda will have a 51 per cent stake in the JV while Tokyo-based Tachi-S Company Ltd will have the remaining stake, it said.
“This partnership with Tachi-S will expand our seating portfolio to now bring the latest seating technologies for four-wheelers PV in India. The partnership will enable the JV to successfully establish a leading position in the automotive seating system for the passenger vehicle segment as well,” said Nirmal K Minda, Chairman and Managing Director, Uno Minda Group.
In the first phase, the JV will offer various products, including recliners, with the intention of expanding into other seating mechanisms, seat frames and complete seating assembly, the company stated in a statement.
Tachi-S is an integrated automobile seat manufacturer (from development to production), it added.
The 206-billion Yuan consolidated revenue (FY2022) company has 70 facilities across 13 countries and provides products and services to leading OEMs globally.
The partnership with Uno Minda will help Tachi-S expand its footprints in one of the largest automotive markets, said Yuichiro Yamamoto, CEO of Tachi-S.
“(With) the combination of Tachi-S seating expertise and Uno Minda’s manufacturing capabilities, we can create a true leader in the rapidly growing Indian automotive seating market,” he added.