It also said the JV has already secured business commitments from reputed OEMs.
This partnership combines JRG Automotive's strong market presence and experience in India with Takagi Seiko's technological expertise and global reputation in the automotive industry, the company said.
The joint venture will involve a significant investment of approximately USD 15 million, of which 50% has already been realised, JRG Automotive said.
"By leveraging Takagi Seiko's cutting-edge technologies, we aim to elevate the Indian automotive industry and further strengthen our partnerships with key OEMs. This collaboration will enable us to deliver exceptional quality products that meet the rising demand for premium components, while also contributing to the local economy through job creation," said Pawan Goyal, Managing Director, JRG Industries Pvt Ltd.
As part of the strategic collaboration, JRG Automotive said, the two companies initially entered into a technical support agreement for rotational molding in August last year.
Following this, after extensive discussions, JRG Automotive and Takagi Seiko agreed to expand their partnership by collaborating in advanced painting technology, leading to the formation of this joint venture, it said.
The joint venture is expected to create around 500 direct and indirect jobs, contributing to the local economy and community development, JRG Automotive said.
It will also support the growing demand among Indian consumers for premium-quality components, even in small cars, it said.
"At Takagi Seiko, our business strategy focuses on strengthening our domestic and international revenue bases while reinforcing our operations. This joint venture with JRG represents a key milestone in that strategy," said Takagi Akihiro, President at Takagi Seiko Corporation.
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