Toyoda inks JV with Delhi firm
Toyoda Machine Works, the largest Japanese heavy machine tools company, will make India its manufacturing hub for high precision machines.
By ET Bureau |
NEW DELHI: Toyoda Machine Works, the largest Japanese heavy machine tools company, will make India its manufacturing hub for high precision machines. It has entered into a joint-venture with the Delhi-based Micromatic Grinding Technologies (MGT), part of the Ace Micromatic Group, to establish manufacturing and sales operations with an investment of Rs 100 crore.
The new company, Toyoda Micromatic Machinery India, - with the Japanese company having a majority 75.5% stake - will have a new manufacturing facility at Bangalore with an initial investment of Rs 25 crore. It will cater to the domestic market as well as export these heavy machines to Europe and South East Asia under the Toyoda and Micromatic brands.
"The massive growth in the manufacturing sector has created a huge demand for high precision machinery. A huge demand in the machines tool market has led us to this joint venture. It's a first such venture in India, where an Indian company will be utilising Japanese technology to meet its global requirements."
Both companies are original equipment suppliers for Honda, Toyota, Bajaj Auto, TVS Motors, Suzuki, Bosch and other major automotive players. The new JV has set a sales target of Rs 320 crore by 2010 and will be catering to the needs of new entrants like Volkswagen, Renault-Nissan and Daimler Hero Motors as well as expanding existing players like Tata Motors and Fiat and Yamaha Motor India.
The new company, Toyoda Micromatic Machinery India, - with the Japanese company having a majority 75.5% stake - will have a new manufacturing facility at Bangalore with an initial investment of Rs 25 crore. It will cater to the domestic market as well as export these heavy machines to Europe and South East Asia under the Toyoda and Micromatic brands.
"The massive growth in the manufacturing sector has created a huge demand for high precision machinery. A huge demand in the machines tool market has led us to this joint venture. It's a first such venture in India, where an Indian company will be utilising Japanese technology to meet its global requirements."
Both companies are original equipment suppliers for Honda, Toyota, Bajaj Auto, TVS Motors, Suzuki, Bosch and other major automotive players. The new JV has set a sales target of Rs 320 crore by 2010 and will be catering to the needs of new entrants like Volkswagen, Renault-Nissan and Daimler Hero Motors as well as expanding existing players like Tata Motors and Fiat and Yamaha Motor India.
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