Musashi Seimitsu Industry Co., an auto parts maker affiliated with Honda Motor Co., said Tuesday it will establish a wholly owned subsidiary in India to produce motorcycle parts.
Musashi Auto Parts India Private Ltd. will be capitalized at 380 million rupees, or around 1 billion yen, and will be set up in an industrial park in Haryana State near Delhi by March 2003, the company said.
Responding to growing demand within the country’s expanding motorcycle market, MAP-ID will provide a local Honda factory with motorcycle parts such as transmissions, Musashi Seimitsu said.
The subsidiary will launch the construction of a plant in December, with production slated to start in December 2003, Musashi Seimitsu said.
The new company aims to generate sales of 360 million yen by March 2004, with a view to generating sales of 4 billion yen in 2005, it said.
Musashi Seimitsu said the new company will be its 10th overseas production base. The nine other plants are located in seven countries, including the United States.