TOKYO Suzuki Motor Corp, Toshiba Corp and Denso Corp on Friday said they would form a joint venture 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) to set up the company, which would be formed this year.
"The battery pack manufacturing joint venture by the three companies will realize 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.
($1 = 108.8500 yen) (Reporting by Naomi Tajitsu; Editing by Vyas Mohan)
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Published Date: Apr 14, 2017 21:45 PM | Updated Date: Apr 14, 2017 21:45 PM