DENSO to Establish Joint Venture to Design Car Air Conditioning Systems in India with Subros
KARIYA (Japan) - DENSO Corporation has agreed to establish a joint venture company with India's leading car air conditioning system manufacturer Subros Limited, to design car air conditioning systems and other products. The new company, DENSO Subros Thermal Engineering Centre India Limited (tentative name) will be established in September 2010, and will be 74 percent owned by DENSO and 26 percent owned by Subros.
"With the establishment of this new company, our aim is to enhance our technical support to car manufacturers, as well as our competitiveness in India," said Akio Shikamura, senior managing director responsible for DENSO's Thermal Systems Business Group. "We look forward to expanding our expertise in this region."
The new company, with DENSO's support providing application design services and product quality improvement, will design car air conditioners and other systems for DENSO group companies and Subros in India.
Since 1984, DENSO has been producing and selling automotive components in India, and the new company will be its sixth company in the region. In India, DENSO has two subsidiaries -DENSO Kirloskar Industries Private Limited and DENSO Faridabad Private Limited- that manufacture and sell car air conditioning systems; however, the new joint venture will be DENSO's first product design company.
DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Its customers include all the world's major carmakers. Worldwide, the company employs approximately 120,000
people in 34 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2010 totaled US$32.0 billion. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. For more information, go to www.denso.com,
or visit our media website at www.densomediacenter.com
.
Subros Limited, founded in 1985 as a joint venture public limited company with 40 percent ownership by the Suri family of India and 13 percent ownership by DENSO and Suzuki each, is the leading air conditioning system manufacturer in India in technical collaboration with DENSO.
Profile of new company
| 1.Name | :DENSO Subros Thermal Engineering Centre India Limited
(tentative name) |
|---|---|
| 2.Location | :Noida, India (on the outskirts of New Delhi) |
| 3.President | :Katsuyuki Osaki |
| 4.Establishment | :September 2010 |
| 5.Capital | :68 million rupees (approximately US$1.5 million*) |
| 6.Ownership | :74 percent owned by DENSO Corporation
26 percent owned by Subros Limited |
| 7.Investment | :136 million rupees (approximately US$3.0 million*) |
| 8.Employees | :Approximately 40 (as of the fiscal year ending March 2011) |
| 9.Business description | :Designing of car air conditioning systems and other products |
Profile of Subros Limited
| 1.Name | :Subros Limited |
|---|---|
| 2.Location | :Noida, India (on the outskirts of New Delhi) |
| 3.Managing Director** | :Shradha Suri Marwah |
| 4.Establishment | :October 1985 |
| 5.Capital | :120 million rupees (approximately US$2.6 million*) |
| 6.Sales | :9.835 billion rupees (approximately US$215.4 million* as of the fiscal year ended March 2010) |
| 7.Employees | :1,364 (as of March 2010) |
| 8.Business description | :Production and sales of car air conditioning systems and other products |
* Exchange rates used are 45.66 Indian rupees per one dollar, at the end of May 2010 for convenience only. Billion is used in the American sense of one thousand million.
**Equivalent to president in India
