Stock Report

Uno Minda gears up for Sunroof Growth in India with Aisin, Japan Partnership

Posted On : 2024-08-01 22:12:10( TIMEZONE : IST )

Uno Minda Limited ("Uno Minda") (formerly known as Minda Industries Limited), a Global Tier-1 Supplier of innovative automotive systems and solutions to original equipment manufacturers ("OEMs") has announced that that it has entered into Technical License Agreement ("TLA") with Aisin Corporation, Japan ("Aisin") to manufacture and sale of sunroofs.

Established in 1965, Aisin has evolved with the auto industry as a global supplier of essential automotive components, systems and technologies for OEM and Aftermarket customers. Aisin's consolidated sales for FY 24 was 4,910 Bn JPY. Aisin is a Fortune Global 500 company and has been consistently ranked as a top 10 global Tier-1 automotive supplier. Aisin also holds the largest market share in sunroof product segment in Japan, supplying multi-panel, panoramic, and standard sunroofs.

Once considered a luxurious add-on reserved for high-end vehicles, sunroofs are rapidly becoming a mainstream feature in India's thriving automotive landscape. Sunroofs are now getting introduced even in hatchback cars. Sunroof penetration has witnessed a fivefold jump in last five years, with one in five new cars sold in India today sporting this coveted feature. This soaring demand, fuelled by rising disposable income, economic expansion, and India's vast population, suggests the sunroof's popularity will only explode further.

Mr Nirmal K Minda, CMD, Uno Minda Group said; "Driven by technological innovation and evolving consumer demands, the Indian automotive sector has seen impressive growth. In this dynamic landscape, sunroofs have emerged as a particularly noteworthy trend. Uno Minda, steadfast in its commitment to introducing cutting-edge technologies, is thrilled to partner with Aisin Corporation to provide a diverse range of sunroofs in India. Through the synergy of our combined expertise and production capabilities, we aim to establish ourselves as a frontrunner in the burgeoning sunroof market. "

Mr Noriyuki Kitazato, CEO, Aisin Asia Pacific said; "India's growing automotive landscape, fuelled by rising affluence and a thirst for premium features, presents a compelling market opportunity. We keenly look forward to join forces with Uno Minda to cater to this fastgrowing segment. This strategic partnership leverages our combined strengths, positioning us to secure a leadership position in the promising sunroof segment."

Shares of Minda Industries Limited was last trading in BSE at Rs. 1038.85 as compared to the previous close of Rs. 1041.90. The total number of shares traded during the day was 38250 in over 3180 trades.

The stock hit an intraday high of Rs. 1056.60 and intraday low of 1020.00. The net turnover during the day was Rs. 39555758.00.