Tsubaki Group Makes Joint Venture in India a Wholly Owned Subsidiary to Expand its Global Materials Handling Business
Tsubakimoto Chain Co. (President: Kenji Kose, Head Office: Osaka, Japan) announced today that its consolidated subsidiary, Tsubakimoto Bulk Systems Corp. (“TBS,” President: Junichi Ohsaki, Head Office: Osaka, Japan), had acquired an additional 49% stake in Mahindra Tsubaki Conveyor Systems Private Limited (“MTC”), a joint venture with the Mahindra Group in India, making it a wholly owned subsidiary of the Tsubaki Group to expand its materials handling business in the Indian region. Consequent to the acquisition, the name of MTC will be changed to “Tsubaki Conveyor Systems India Private Limited,” subject to necessary approvals from regulatory authorities in India.
The Tsubaki Group has had a long-standing cooperative relationship with Mahindra Engineering & Chemical Products Limited (“MECP”), a subsidiary of Mahindra & Mahindra Limited. Starting with a technical collaboration, the association progressed into the formation of “MTC” in 2014, a Joint Venture in which the Tsubaki Group held a 51% stake. Since then, Tsubaki has been working to expand its business in the Indian market, focusing on bulk handling conveyors and other unit material handling products.
Through this acquisition, the Tsubaki Group will focus on sales of bulk handling systems for various industries, including biomass, in addition to its mainstay conveying systems for the cement and automotive industries, with the aim of expanding its material handling business and penetrating the Tsubaki brand in the Indian market.
Outline of wholly owned subsidiary:
Company name: Tsubaki Conveyor Systems India Private Limited (subject to regulatory approval)
Location: Pune, Maharashtra, India
Closing date: February 25, 2022
Registered capital: INR 313 million (approx. JPY 480 million)
Shareholders: Tsubakimoto Chain Co. 42.5%, Tsubakimoto Bulk Systems Corp. 57.5%
No. of employees: 130
Business description: Engineering, manufacturing, and sales of bulk handling systems, conveyor systems for the automotive industry, and various other material handling systems.
For inquiries regarding this matter, please contact the Public Relations Division, Corporate Planning Department, Tsubakimoto Chain Co. (Nakanoshima Mitsui Building, 3-3-3 Nakanoshima, Kita-ku, Osaka 530-0005, Japan)
TEL: +81-6-6441-0054 FAX: +81-6-6441-0203