OREANDA-NEWS. Panasonic Corporation and Minda Industries Ltd. agreed today to establish a joint venture company to develop, manufacture and sell lead acid storage bat teries in the Republic of India.

India, which is the world's second populous country and achieving high growth rate, also has a rapidly growing market of lead acid storage batteries. The new joint venture company will address the growing market of lead acid storage batteries for two & four wheeler vehicles and UPS in India with leveraging knowhow and technology owned by Panasonic as well as customer bases of both parties.

Panasonic is operating production bases in Japan (Kosai City, Shizuoka Prefecture), Thailand (Samut Prakarn Province) and the People's Republic of China (Shenyang City). By establishing the said company in India, it aims at expanding over seas operations of its business.

In addition, UNO MINDA aims to cater to the growing need of batteries for its strong customer base.

Panasonic and UNO MINDA are aiming to establish the joint venture company in November, 2014 after obtaining regulatory approvals.