'Make in India': Panasonic joins Minda for lead acid battery venture
01 October 2014
Japanese electronics major Panasonic Corp and Indian auto component manufacturing firm Minda Industries Ltd have entered into a partnership to develop, manufacture and sell lead-acid storage batteries in the country.
The firms, through their joint venture company, want to harness the potential of the rapidly growing market of lead-acid batteries for both two and four-wheel vehicles in India by leveraging Panasonic's technology as well as the consumer base of the parent companies.
"Panasonic started production of lead acid storage batteries in 1937. Since then, we have consistently responded to requirements of various customers and achieved steady progress. We believe our technology over the years will contribute to development of the industry of lead acid storage batteries in India through the joint venture company with UNO MINDA," said Yoshio Ito, senior managing director of Panasonic.
Nirmal K Minda, chairman and managing director of Minda said, "The battery market in India is experiencing rising demand from various sectors, providing immense opportunities for manufacturers to grow and operate in the market lucratively. Having a strong footprint in India and with technical support of Panasonic, we believe UNO MINDA will be able to serve customers in multiple ways."
The companies are planning to establish the new joint venture company on 1 November in Delhi. It will have three members from Panasonic and two from Minda on board. The equity structure of the company has Panasonic as the major partner with 60 per cent stake and the remaining 40 per cent lies with Minda.
The company aims to have a production capacity of two million units by 2018 with employee strength of 500 people. The firm will be headed by Japanese executive Takashi Komo.
Currently, Panasonic has production bases in its home country Japan, besides Thailand and China. With the launch of the new company, the firm aims to expand overseas operations of its business.