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TATA AutoComp announces it JV in wiring harness business
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Monday, 05 Nov 2012
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TATA AutoComp announced that it is exiting from its JV in wiring harness business. TATA Yazaki Autocomp Ltd was set up by TATAs and Yazaki Corporation of Japan in 1998 to manufacture wiring harness for automobile sector. The company has plants in Pune, Sanand, Pantnagar, Jamshedpur and Bangalore.

The company in a statement said that on Saturday, the company announced its JV partner; Yazaki Corporation will be acquiring its 50% in TATA Yazaki. The final transfer will take place after completion of all the formalities in a couple of months.

According to a report by rating agency CRISIL, last year TATA Yazaki is the second largest manufacturer of wire harness in India, with a share of close to 16% in the domestic market. TATA Motors contributes to around 46% of TATA Yazaki’s revenues with Toyota Kirloskar, Volkswagen, Fiat India and Honda Siel Cars Ltd together contributing about 50%.

The company’s latest financial result is not known. But CRISIL report said that for 2010-11, TATA Yazaki reported a net profit of INR 16 crore on net revenues of INR 507 crore as against a net profit of INR 8.6 crore on net revenues of INR 360 crore for 2009-10.

Mr Amitabha Mukhopadhya president and Group CFO of TATA Autocomp Systems Ltd said that “Since the formation of the JV in 1998, Yazaki Corporation has been a very supportive partner and has brought cutting edge technology into the JV which has helped TYA grow to this position. As a TATA Group company, we respect their desire to now take control over the JV.”

Source - Business Standard

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