Panasonic has signed a joint venture with Minda Industries for manufacturing automotive batteries in India.
The 60:40 joint venture is being set up to make batteries and cater to OEMs and as an aftermarket supplier for the two-wheeler and passenger vehicle segment.
The JV will be set up with an investment of Rs 160 crore and will be located at Minda's Pantnagar plant in Uttrakhand. It will produce Starting, Lighting & Ignition (SLI) and lithium ion battery.
Minda Industries is part of the Uno Minda Group, which is planning to invest Rs 700-800 crore in three years towards capacity expansion and acquisitions.
Panasonic is operating production bases in Japan and the People's Republic of China and aims at expanding overseas operations of its business with this joint venture.
More Project Info:
Automotive Batteries (Pantnagar) Project