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Hindustan Composites Limited has entered into a Joint Venture Agreement with ADVICS North India Pvt. Ltd., an affiliate of ADVICS CO. LTD (jointly owned by Aisin Seiki Co. Ltd, Denso Corporation, Sumitomo Electric Industries Ltd. and Toyota Motor Corporation), who are world leaders in passenger vehicle brake systems and friction material. A new JV Company, with the shareholding of both the parties, has been established for the manufacturing of Disc Brake Pads in Aurangabad, Maharashtra with technology provided by ADVICS, Japan. The manufacturing operations at the new site are expected to start from the 2nd quarter of financial year 2014-15.
The summary of the new Company is as follows:
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The purpose of the JV Company is to manufacture Disc Brake Pads and related components for Passenger Vehicles.
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The name of the JV Company is COMPO ADVICS (INDIA) PRIVATE LIMITED.
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The Company has been incorporated in Mumbai and will have its production unit located in Aurangabad, Maharashtra.
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Hindustan Composites Ltd. and its affiliated Company holds 51% and ADVICS North India Pvt. Ltd. holds 49% of the shareholding in the JV Company.
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The first president of the JV Company is Dr. V. G. Naik.
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Joint Venture