Minda Industries Limited, the flagship company of UNO MINDA Group, has joined hands with Tung Thih Electronic Co. Ltd. (“TTE”), to form a 50:50 Joint Venture in India. Tung Thih Electronic Co. Ltd. is a premier Taiwanese player engaged in manufacturing & Sale of Driving Assistance Products & Systems (DAPS).
The Joint Venture (proposed to be named Minda TTE DAPS Private Limited) will supply DAPS, including Rear Parking Aid Systems, Auto Parking Aid Systems, Cameras, Around View Monitor Systems, etc. to Indian automotive OEMs. TTE is already an approved supplier to Maruti Suzuki. Future plans include venturing into niche technology products like Lane Departure Warning Systems amongst others.
The JV will set up state of the art Greenfield manufacturing facility in NCR which will have a world class paint shop and assembly line.
This Joint Venture 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.