Minda Industries has signed a Joint Venture Agreement (JVA) with Panasonic Corporation, Japan to manufacture and supply lead acid storage batteries for two wheelers, four wheelers and for other industrial batteries. The proposed plant of the joint venture company will be located at Pant Nagar in state of Uttrakhand.
The shareholding of Panasonic Corporation and Minda Industries in the said joint venture is in the ratio of 60:40. The company subject to the necessary approval(s) will transfer its running Battery Division, located at Pant Nagar to the joint venture company.
The cost of the project will be around Rs 160 crore. The commercial production of the 4W batteries is planned for June, 2015. It is stated that the production capacity of this joint venture company is expected to be two million batteries by 2018.
