Thai automotive components manufacturer Ingress Industrial Thailand, 60% owned by Malaysia's Ingress Corporation, has taken full control of its Indian joint venture Ingress Mayur Auto Ventures.
The supplier makes plastic interior trim, mouldings and body kits at a plant in Gurgaon (also home to Suzuki's new car plant) in Haryana state.
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Ingress Industrial Thailand was listed on the Thai stock exchange last month in an initial public offering (IPO) that raised THB769m (US$233m).
The group makes a wide range of vehicle body and chassis parts, including complete door assemblies, and has technical tie-ups with Japanese and South Korean auto parts manufacturers.
It also owns car dealerships and companies operating in the energy and railway equipment sectors.
The full take-over of Ingress Mayur Auto Ventures will allow the group to speed up its expansion into the Indian auto sector which is seen as one of the most promising growth markets in the region. The company plans to introduce new interior trim products and expand its OEM customer base.
Ingress expects vehicle production in India to expand by more than 14% to over 4m units in 2017, higher than the combined output of all countries in the ASEAN region, driven by rising domestic and export demand.
