New Delhi : 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).

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 from in April 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.