Released on: June 26, 2008, 2:49 am

Press Release Author: finessePR

Industry: Automotive

Press Release Summary: The Rs.1000 crore NK Minda Group today announced the
formation of a new Joint Venture with Tokai Rika, Japan for the manufacture of
Automotive Seat Belts, Locks & Immobilizers. The new company will be called Tokai
Rika Minda India private limited and will have an equity participation of 70% from
Tokai Rika while the balance 30% will be held by the NK Minda Group.

Press Release Body: The Rs.1000 crore NK Minda Group announces a new JV with Tokai
Rika, Japan
·The new JV to invest Rs.100 crore

·Equity participation in the ratio of 30:70 from Minda and Tokai Rika

·To set up plant in Karnataka to manufacture Seat Belts, Locks & Immobilizers

The Rs.1000 crore NK Minda Group today announced the formation of a new Joint
Venture with Tokai Rika, Japan for the manufacture of Automotive Seat Belts, Locks &
Immobilizers. The new company will be called Tokai Rika Minda India private limited
and will have an equity participation of 70% from Tokai Rika while the balance 30%
will be held by the NK Minda Group.

The new company will invest Rs.100 crore in setting up a new Greenfield facility at
Bangalore, Karnataka for the purpose. The commercial production will coincide with
the roll out of the Toyota new strategic small car from its second plant, which is
slated to begin in 2010. The company has already got a LOI from Toyota Kirloskar
Motors Limited for the supply of Seat Belts, Locks and Switches.

Speaking on the signing ceremony in Japan, Mr. Nirmal K Minda, Chairman and Managing
Director, NK Minda Group said, "This new JV with Tokai Rika cements an already
existing relationship and marks another important milestone in our journey to become
a recognised global player with emphasis on technology and development."

Mr. K Kinoshita, President, Tokai Rika said, "We have strong ties with NK Minda
Group from the past decade. The new JV will build upon our existing relationships
with OEM's and the trust that Minda Brand enjoys in India."

NK Minda Group and Tokai Rika already have a JV, Minda Rika Pvt. Ltd. (MRPL) for the
manufacture of automotive switches for 4 wheelers and Mirrors. MRPL has a 50% market
share in 4 wheeler switches and has a turnover of more than Rs.130 crore. The NK
Minda Group holds 60% in MRPL while Tokai Rika has 35% the balance 5% being held by
Sumitomo of Japan.

About NK Minda Group
The NK Minda Group is already manufacturing 2,3 wheeler and off road vehicle
switches, 4 Wheeler switches, Lighting for 2,3 and 4 wheelers, CNG/LPG kits, Horns
for 2,3 and 4 wheelers, Mirrors, Automotive Batteries, Blow Moulding Parts, and Body
Control Units (BCU). It has 19 manufacturing facilities spread across India and one
in Indonesia. The group has a 70% market share in 2 wheeler switches, 50% in 4
wheeler switches, 45% in horns, 80% in CNG/LPG kits for OEM's, 15% in lighting.

About Tokai Rika
Established in 1948, Tokai Rika, Japan is an over US $4 billion Toyota group company
and its major customers include - Toyota Motor Corporation, Daihatsu, Hino,
Mitsubishi, Suzuki, Mazda, Honda, Nissan, GM, Daimler Chrysler, Ford, Volvo, Saab,
Isuzu, Fuji Heavy industries Ltd., etc. The company manufactures Automotive
Switches, Locks and Keys, Seat belts, Shift levers, electronic parts, steering
wheels, connectors, mirrors, plastic wheel covers, ornaments and household
electrical appliances.


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