Anand signs new joint-venture with Mando Corporation, Korea

Anand, India has recently entered into a joint-venture partnership with Mando Corporation, Korea, having acquired a stake in Mando Steering Systems India Limited. The collaboration was finalised between M.W. Chung, Chairman,
Halla Group and Anjali Singh, Chairperson of the Anand Supervisory Board at Seoul, Korea.

Mando Steering Systems India Limited has an existing operation in Chennai with a turnover of INR 6,000-million per annum. The company manufactures state-of-the-art Column supported Electric Power Steerings (C-EPS), at its facility in Chennai, Tamil Nadu.

Targeting sales of INR 1-billion by 2016, with this new joint-venture, Mando and Anand expect to achieve major synergies in areas of Research & Development and Operations, as well as making substantial inroads into new customer segments, resulting in a larger customer footprint.

Anand also has another joint-venture with Mando Corporation, Korea, which started in 1997: Mando India Limited manufactures Brakes and Shock Absorbers at its facility in Chennai, India. The new collaboration is expected to further strengthen the partnership between the two groups.

Posted in: Accessories,Anand,Anjali Singh,Chennai,Electric Power Steerings,Halla Group,India,Joint-Venture,Korea,M.W. Chung,Mando Corporation,Mando Steering Systems India Limited,Seoul,Sponsorship/Partnership