Anand Signs Merger Agreement With Mando Corporation, Korea for Two Existing
Joint Venture Companies
NEW DELHI, February 22, 2013
NEW DELHI, February 22, 2013 /PRNewswire/ --
New Company's Combined Turnover Over INR 1235 Crores (USD 200 Million)
Anand, today entered into an agreement with Mando Corporation, Korea for the
merger of the two Joint Venture companies partnered by the two groups - Mando
India Limited and Mando Steering Systems India Limited. The new company so
formed is proposed to be known as 'Mando Automotive India Limited', with a
combined turnover of over INR 1235 Crores (USD 200 Million).
(Logo: http://photos.prnewswire.com/prnh/20130222/595356 )
The agreement was formalised between Mr. Frank Chung, Executive Vice
President, Corporate Planning, Mando Corporation and Mr. Pravesh K Srivastava,
Group President - Excellence in Manufacturing & Education, Anand at a signing
ceremony held at the corporate headquarters of Anand located at Hauz Khas, New
Delhi earlier today.
The consolidated operations of the new company are slated to take effect
fromApril 2013, employing around 1200 people. This merger has been effected
with a view to achieving marketing and purchase synergies, while serving as a
single point source for key Chassis components for customers of the two
entities. The new company will be offering a product range including Brakes,
Suspension and Steering systems. The merger is also expected to result in
enhanced operational efficiencies while strengthening the overall
organizational and financial structure.
Anand, India and Mando, Korea have been partners since 1997. Their first Joint
Venture - Mando India Limited, was set up to manufacture Brakes at Chennai,
India and subsequently introduced suspension products in 2005. The Company is
presently a leading supplier for Brakes and Suspension products to passenger
vehicle manufacturers in the country.
Anand recently entered into a second Joint Venture partnership with Mando
Corporation, Korea after having acquired a stake in Mando Steering Systems
India Limited. The collaboration was finalised at Seoul, Korea in October
2012. The company manufactures state-of-the art Column supported Electric
Power Steerings (C-EPS), at its facility in Chennai, Tamil Nadu. The merger of
these two companies is expected to further strengthen the partnership between
the two groups.
Provider of the widest range of solutions to the Indian Automotive Industry,
Anand is among India's leading manufacturers of Automotive Systems and
Components, making it the country's leading OEM supplier. Anand has a major
presence in the Indian Aftermarket as well, with some of its major brands
being Market Leaders. The group supplies to every major vehicle and engine
manufacturer in the country. Anand is widely known for its established and
successful partnerships with leading automotive front runners across the
globe, each one being a leader in its area of operation.
The group has 15 Joint Ventures and 6 Technical Collaborations with these
world leading companies. Today, with nineteen companies spread across 49
locations and eleven states of the country, Anand also has a business vertical
operating in the area of Luxury Hotels. Anand has provided a number of
technology firsts to the Indian Automotive Industry over the five decades of
its existence starting with being the pioneer of Ride Control products in the
country. For further details, please visit http://www.anandgroupindia.com/ .
About MANDO CORPORATION, KOREA
Mando Corporation, Korea, South Korea's second-largest auto parts
manufacturer, was set up in October 1962 for the manufacture of Brake,
Steering and Suspension Systems, DAS / Iron Casting and Electronics /
Electrification. An affiliate of South Korea's Halla Group, the company runs
17 overseas plants with its footprint in Brazil, China, Germany, India, Japan,
Korea, Malaysia, Poland, Turkey and USA.
Mando has been producing cutting-edge safety systems like ABS, ESP, ECS, as
well as EPS systems. These systems have amply proven that the level of the
Korean automotive industry approximates the world standards. With an estimated
turnover of USD 4.7 billion in 2012, the company is amongst the global leaders
in its industry. The company employs over 9,000 people of which 10% are
employed with the Joint Venture in India.
Primary Media Contact: Abhinav Sood, abhinav.sood@CommunicationsInc.in ,
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