Suzuki Motor, Toshiba, Denso to form lithium-ion battery joint venture in India
Suzuki Motor Corp, Toshiba Corp and Denso Corp announced on Friday said they would form a joint venture (JV) to produce lithium-ion batteries for automobiles in India.
Suzuki Motor Corp, Toshiba Corp and Denso Corp on Friday said they would form a joint venture (JV) to produce lithium-ion batteries for automobiles in India, where auto emission regulations are tightening to deal with pollution problems.
The three companies said in a joint statement that they would spend a total of 20 billion yen ($183.74 million or nearly Rs 1,222.4 crore) to set up the company, which would be formed this year.
"The battery pack manufacturing joint venture (JV) by the three companies will realise stable supply of lithium-ion battery packs in India in the course of promoting sustainable cars in the country and will contribute to `Make in India` initiative by the Indian government," they said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.