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Home arrow Alliances and Joint Ventures arrow Japan's JTEKT and Micromatic Grinding establish a new joint venture company
Japan's JTEKT and Micromatic Grinding establish a new joint venture company Print E-mail
Written by Ganesh   
Friday, 05 September 2008
New Delhi: Japanese machine tool manufacturer, JTEKT Corporation, has signed an agreement with Micromatic Grinding Technologies, Ltd. (MGT), to establish a new joint venture company, ‘ Toyoda Micromatic Machinery India Ltd.’

The new company, located at Gurgaon, Haryana, will provide sales and after-sales service of machine tools and related parts. The new company is seventh overseas subsidiary of JTEKT machine tools and mechatronics division, and the first subsidiary in India.

NK Dhand- Japan's JTEKT and Micromatic Grinding establish a new joint venture companyAccording to MGT Chairman and Managing Director N K Dhand, the main focus of the new company would be to provide global products with Indian prices.

JTEKT has 75.5 percent stake in Toyoda Micromatic and MGT holds the remaining 24.5 percent. Toyoda Micromatic has been established at an investment of Rs 2.48 crore.

Micromatic Grinding's fourth plant, which is coming up in Bangalore will manufacture one product for the JV company. In the future, the company's manufacturing portfolio will also include auto components.

By 2010, JTEKT aims to win orders worth about 7 billion yen by promoting user-oriented sales.

Having installed over 200 machines and 2 machining lines in India, JTEKT’s association with MGT began in 2002 for sales and after-sales service of machine tools.

JTEKT’s customers include Suzuki, Honda and Toyota. It aims to expand its client base to Indian auto manufactures and wind power companies.

Outline of the new company
Name  TOYODA MICROMATIC MACHINERY INDIA LIMITED
Establishment    August 2008
Location      Gurgaoin, Haryana
Capital       24,800 thousand rupees
Share capital   JTEKT 75.5%, MGT 24.5%
Business      Import, sales and after-sales service of machine tools and related parts
Headcount      17 (At start)

Outline of JTEKT
Name     JTEKT CORPORATION
Business      Manufacturing and sales of machine tools, bearings and automotive parts, steering systems and drive lines
Sales     Consolidated 1,157.5 billion yen 450 billion rupees
          Non-consolidated 683.1 billion yen 260 billion rupees
Headcount    Consolidated  32,542
             Non-consolidated 10,023

Outline of MGT

Name   MICROMATIC GRINDING TECHNOLOGIES, LIMITED
Business    Manufacturing and sales of grinders
Sales        520 million rupees

 
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