Corporate News
NDR Auto Components Limited is forming a joint venture with DYA Co., Limited to manufacture and supply passenger car seats for KIA and Hyundai vehicles. The new venture, tentatively named NDR DYA Auto Components Private Limited, will see NDR Auto Components Limited holding a 51% equity stake and DYA Co., Limited holding 49%. The total project cost is estimated at Rs 62.96 crore (approximately $7.6 million USD), with an initial equity investment of Rs 10 crore (approximately $1.2 million USD) and a loan of Rs 24.85 crore (approximately $3 million USD). The board will consist of five directors, with NDR Auto Components Limited providing the chairman. Regulatory approvals, including FEMA reporting and Registrar of Companies approval, are required, while Competition Commission of India approval is not. The joint venture is expected to be completed within six to eight months and will be considered a related party to NDR Auto Components Limited.