Indomobil sets up venture

Indomobil sets up venture

JAKARTA (JP): PT Indomobil Investment Corporation signed a joint venture agreement here yesterday with Fuji Univance Corp. and Marubeni Auto Sales Corp., both of Japan, to set up a joint venture company to produce automotive components.

The joint venture, to be called PT Univance Indonesia with an investment of US$5 million, will be 75 percent owned by Fuji Univance, 15 percent by Indomobil and 10 percent by Marubeni.

Indomobil's president, Subronto Laras, told reporters after the signing ceremony that the joint venture will have an annual capacity to produce 96,000 automotive transmission parts, 132,000 industrial machine transmission parts and 40,000 reduction gear parts for industrial machinery.

Subronto said that the venture, which is scheduled to go into commercial production next year, will export everything to Japan. (08)