Auto component maker Minda Industries today said it has formed a joint venture with Taiwan's Tung Thih Electronic Co Ltd to supply driving assistance products and systems to automobile manufacturers in India.
The 50:50 joint venture (JV) will produce different products, including rear parking aid systems, auto parking aid systems, cameras and around view monitor systems, the company, a part of the UNO MINDA group, said in a statement.
The JV will set a plant in the National Capital Region that will have a paint shop and assembly line, it said without disclosing investments. Tung Thih Electronic Co Ltd (TTE) is a leading Taiwanese player in the manufacturing of driving assistance products and systems. It is already an approved supplier to Maruti Suzuki.
Future plans of the JV include venturing into niche technology products like lane departure warning systems and tire pressure monitoring systems, the statement said.
Commenting on the partnership, Minda Industries Chairman and Managing Director Nirmal K Minda said: “with advancement in technology, the content of electronics in automobiles continues to rise.”
"This joint venture will help UNO MINDA Group to further strengthen its product portfolio and offer products in line with market and customer demand," he added.
TTE Chairman and CEO Scott Chen said penetration of electronics in the Indian automotive market would increase in future and the company would bring advanced technology products at suitable price points through the JV.
"This JV will help both partners to make a deeper foray into the fast growing and dynamic Indian automotive electronic space with a specific focus on passenger and pedestrian safety products," the statement said.
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