NEW DELHI: Auto components maker Spark Minda, Ashok Minda Group formed a joint venture with U.S.-based Vehicle Access Systems Technology (VAST) with an aim to widen global presence.
The 50:50 joint venture is between Minda Management Services Ltd -- an affiliate of Minda Corporation and Spark Minda, Ashok Minda Group -- and the VAST Group.
The new entity, Minda VAST Access Systems Pvt Ltd (Minda VAST) will have operations in Pune and Delhi-NCR, the company said in a statement.
VAST will support to the JV for locksets, steering column locks, latches, strikers, socket bows, handles, immobilises, passive entry, start systems, ignition switches, hinges and power access, among others, it added.
The group's CEO Ashok Minda said: "The strategic alliance is step towards ensuring support to meet the expectation of targeted and strategic customers. VAST's global presence will help us to reach out to more areas and expand our base and offer new technology with latest products to our customers."
The JV will act as a catalyst for the future growth of Spark Minda, Ashok Minda Group he added.
VAST is one of the global market leaders in the access systems business with annual sales of about $1.2 billion. Its member organisations, include WITTE Automotive, Germany; STRATTEC Security Corp U.S. and ADAC Automotive, U.S. It has manufacturing facilities in Germany, Mexico, Czech Republic, U.S., China and Brazil.
On the partnership with Spark Minda and affiliates, STRATTEC President & CEO Frank Krejci said: "We view them as a leading companies in the Indian market and they have also been very effective in playing an important role in supporting global programs."
The new collaboration is expected to further strengthen the partnership between the two groups, the statement added.
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