- Information Center
- Investment News
Mando Corp., South Korea's second-largest auto parts manufacturer, said Monday
that it has attracted an investment from India's Anand Group in an effort to
further increase its market share in the world's second-most populous
Anand Group will take over all new shares to be issued by
Mando India Steering Systems Pvt. Ltd. (MIS), Mando's wholly owned Indian unit
that makes electric power steering systems, according to Mando.
deal, to be inked between Mando chief Shin Sa-hyeon and his Indian counterpart,
Anjali Singh, near Seoul on Monday, would lower Mando's stake in MIS to 74
percent from the current 100 percent.
Anand Group is set to own a 26 percent stake in MIS, Mando said, without giving financial details on the deal.
Shin said the deal would help MIS, which was set up in 2006 and recorded annual sales of 108 billion won (US$98 million) last year, double its revenue in India in 2016.
Mando said in a statement that it "expects an expansion of its business in the Indian market through a synergy with Anand Group."
Mando and Anand Group also set up Mando India Ltd. in 1997, a joint venture that makes brakes. Mando owns a 67 percent stake while Anand holds the remainder.
Mando, an affiliate of South Korea's Halla Group, runs 13 overseas plants, including one in the United States, two in India and five in China.
Anand has 18 auto parts companies, including 13 joint ventures with foreign companies, and posted sales of 50 billion rupees (US$929 million) last year.