Japanese machine tool maker Jtekt Corp. <6473> said Monday that it will establish a sales and after-sale service joint venture in Gurgaon, India, by the end of this month.
The new company, Toyoda Micromatic Machinery India Ltd., will be capitalized at 24.8 million rupees, of which Jtekt will provide 75.5 pct and Micromatic Grinding Technologies, India's largest grinding machine maker, the rest.
The new firm will be Jtekt's first subsidiary in India.
Nagoya-based Jtekt airms to win orders worth about 7 billion yen in the growing Indian market in 2010 by promoting user-oriented sales, it said.
So far, Jtekt has supplied machine tools mainly to Japanese automakers including Suzuki Motor Corp. <7269>. The firm aims to expand its client base to Indian auto manufactures and wind power companies, company officials said.
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