Toshiyuki Funaki, Chairman and CEO, IDEC Corporation has recently announced the establishment of a sales subsidiary in Bangalore for the purpose of expanding IDEC’s business in India. The new subsidiary will begin operations from February 2020.
Purpose of the subsidiary’s establishment
IDEC has identified Asia Pacific, driven from their Singapore regional headquarters, as one of the key regions to achieve its ambitious global expansion goal.
In order to accelerate their growth in the region, they decided to establish a sales subsidiary in India, the world fastest growing economy with a 1.3 billion strong population and promising sustainable and stable growth perspectives.
IDEC view the rapidly-growing automotive industry as a key market driver for their expansion plan in India and will capitalize its core competencies and the strengths of diverse control products and solutions, specifically its push-buttons and safety-related devices, to achieve exponential growth. It will leverage IDEC strategically located production base in Thailand and other factories around the world at the beginning and consider localizing R&D and manufacturing in the future. With the establishment of India subsidiary, IDEC aim at providing even better support and high-value services to its customers and partners in India, striving to further improve customers’ satisfaction. IDEC, as the leader in the Human-Machine Interface (HMI) field, aims to create an optimum environment between people and machines and to become the company achieving the world’s highest level of safety and peace of mind.
Outline of the new sales subsidiary
|(1) Company name||IDEC CONTROLS INDIA PRIVATE LIMITED|
|(2) Location||Bangalore, Karnataka, India|
|(3) Representatives||Arnaud Mondi (Chairman), Shuhei Sugihara (President)|
|(4) Business description||Sales of control device products and associated services|
|(5) Capital||15,000,000 Indian rupees|
|(6) Date of establishment||January 22, 2020|
|(7) Capital contribution ratio||IDEC IZUMI ASIA PTE. LTD. (Singapore): 75％|
IDEC Corporation: 25％
|(8) Date of startup||February 2020 (scheduled)|
Effects on business performance: The company anticipate that the effects of the above-stated subsidiary’s establishment on consolidated results for the fiscal year ending March 2020 will be minor. It will immediately disclose any matters that should be disclosed as they arise.
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