Toyoda Gosei said an Indian auto parts maker has invested in its local unit in a move aimed at enhancing the business of the Toyota Motor affiliate in the fast-growing Indian market.
Minda Investment acquired a 12.9% stake in the unit by purchasing new privately offered shares in November, and the local unit has been renamed Toyoda Gosei Minda India, Toyoda Gosei told Kyodo News.
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The Toyoda Gosei unit will expand its plant as early as next May to integrate the manufacturing of its mainstay rubber products to help lower costs.
