Sumitomo Establishes Automobile Component Maker in India

Sumitomo Corporation announced on Thursday the firm establishes automobile component maker in India with Kiriu Techno Corporation which is the subsidiary of Sumitomo Corporation and automobile component maker. New company in India starts the operation in April 2008 and aims to sell about 5.5 billion yen per year until 2015. Sumitomo Corporation and Kiriu acquire the interest of total 33.4%. Hero Motors, Indian automobile maker, acquires the interest of 66.6%. Total investment is 1.8 billion rupee. Sumitomo aims automobile market in India which is expected to expand the production to over 2 million cars in 2010.New company’s name is Munjal Kiriu. Munjal Kiriu processes and casts component for automobile which is brake disk for automobile, drum and knuckle, which supplies local car makers, such as Suzuki, Renault & Nissan and General Motors or brake component maker such as Bosh.