Valeo’s security systems branch has formed a 50/50 joint venture in India to make vehicle lock and security systems.
The deal is with automotive security systems company AK Minda Group.
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The new company, Valeo Minda Security Systems in Pune near Mumbai, will supppy Valeo security systems products including locksets, steering column locks, latches, strikers, handles, engine immobilizers and remote keyless entry systems.
The joint venture will integrate the existing four-wheel drive security systems division of Minda and is expected to reach around EUR50m in annual sales in 2010.
Valeo chairman & CEO Thierry Morin said: “India is growing and modernising at a rapid pace, creating great opportunities for global and local car makers as well as automotive suppliers. Valeo already operates two joint ventures in India and will continue to expand its presence in the country.”
Minda Group chairman Ashok Minda said: “Combining Minda Group’s strong customer relationship and long experience with Indian car makers together with Valeo’s technology solutions and industrial excellence, will deliver considerable value to customers.”
The AK Minda Group has 18 plants in India and overseas including Indonesia, Germany, one office in Japan and a logistic centre in the Netherlands.
Curent turnover is INR5,500m (over EUR100m).
