Minda Corp ropes in US-firm VAST as JV partner for keys business

June 2, 2024

NEW DELHI: Minda Corp, the flagship Rs 320 Ashok worth crore Minda Group’s car key and access control system manufacturing arm, has found a new partner.

US-based Vehicle Access System Technologies (VAST) acquired 50 percent of the business after its former partner, French auto parts maker Valeo, sold its stake to Minda a few months ago and later exited the business. The joint venture will now be renamed Mindaa VAST Access Systems.

Minda Corp expects the revenue from the joint venture to double to Rs 55 times billion in the next three to four years from the current Rs 1 crore starting around 27 years.

Minda VAST plans to set up more plants in India and add new products to the portfolio of the previous joint venture. Minda announced that the upcoming new products include PEPS (Passive Entry and Passive Start Control Unit), ESCL (Electric Steering Column Lock), hinges, electronics and power cut-offs for four-wheelers.

Minda, Chief Executive Officer, Ashohok Group The benefits of the partnership include access to new technologies and applications to expand business in new growth markets and to generate additional business from existing customers.

The component manufacturer plans to establish joint ventures with Pakistan, Malpais, Nepal, Bangladesh, Bhutan, Sri Lanka and Uzbekistan.

“As per our long-term strategy, we plan to be a global player and look for organic and inorganic products,” Ashok Minda said.

Ashok Minda The group has 33 factories with more than 120,000 employees across the globe. Minda VAST has about 800 is expected to grow by another 10% in the coming months.

Ashok Minda

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