Century Metal Recycling (CMR), the largest manufacturer of aluminium alloys in India, and Toyota Tsusho Corporation (TTC), a USD 80 billion turnover Japanese Corporate, engaged in multi faceted activities and having major global presence in aluminium alloy manufacturing, have signed a Joint Venture Agreement on 4th September, 2012 at Hotel Trident, Chennai. The two giants plan to set up a manufacturing plant of aluminium alloys for automotive parts at Chennai, Tamilnadu. Once this manufacturing facility is commissioned, the company plans to supply Aluminium Alloys in ingots and molten form to automobile majors and their tier I and tier II ancillaries in the region.

The JV Agreement was signed by Mr. G. S. Agarwala, Chairman, CMR and Mr. Hideki Kondo, Executive Officer, Metal Division , TTC.

From CMR side, Mr. Mohan Agarwal, Managing Director; Mr. Mayank Pareek, Executive Director; Mr. Ved Prakash Gupta, GM Projects and Mr. AV Sundaram, Head- Chennai Operations were present on the occasion. From TTC side, Mr. Hideki Kondo, Executive Officer, Metal Division, Mr. Yamanaka, General Manager, Mr. Yasushi Saito, Group Leader, Non Ferrous Metal Department, Mr. Kazushi Abe, Project Manager, Non Ferrous Recycle Group, Mr. Akio Goto, General Manager, TTIPL, and Mr. A. Murali, General Manager, TTIPL were also present.

Speaking on the occasion, Mr. G.S Agarwala, Chairman, Century Metal Recycling, said, “South India has big growth potential in automobile sector. Hence CMR considers South India to be an appropriate place for future business expansion. With a partner like Toyota Tsusho Corporation, I am sure that the Joint Venture company will achieve heights in growth and excellence in technology and customer satisfaction.”

Century Metal Recycling will hold a 70% stake, while the rest will be owned by Toyota Tsusho Corporation (TTC). The total investment for setting up of this manufacturing facility will be Rs. 50 crores.

Speaking on the occasion, Hideki Kondo, Executive Officer, Metal Division, “TTC recognizes India as land of opportunity and has always been keen to enter Indian market. TTC decided for South India considering a vacuum in this region. For strategic reasons, TTC wanted a partner for India operations. I am sure, with a strong partner like CMR, we will accomplish the perceived growth in India.”