Auto components maker Minda Corporation on Thursday said it has inked a pact to form a joint venture with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles.
The joint venture will offer a full system solution ranging from design, and development to manufacturing of sunroof for passenger vehicles, the company said in a statement.
With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach $500-600 million by 2030, it added.
"With the changing consumer preferences and increasing demand for premium features, the market for Sunroof and other advanced vehicle access products is expected to grow multi-fold in the years to come.
"Our continuous focus to bring new and advanced technology products will lead the next phase of our growth," Minda Corporation Executive Director Aakash Minda said.
The collaboration will help the company stay at the forefront by offering localised solutions, he added.
Commenting on the deal, HSIN Chong Machinery Works Co. Ltd (HCMF) CEO & President Hsi Chi Ming noted that the Indian automobile industry is a rapidly growing market, driven by increasing affluence and the demand for premium products.
"HCMF is confident that this partnership will effectively channel the complementary strengths of both organisations and establish a strong presence in the rapidly expanding sunroof and closure systems market in the country," he added.
HCMF manufactures various products for the automotive sector. The company operates via its 29 sales, technical and manufacturing facilities spread globally.
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