Ingress wants Japanese firm as 'co-driver' in India (7112)

by **hlk** Wed 18 Jul 2012, 19:57

SUBANG JAYA: Ingress Corp Bhd, an auto parts supplier, is in talks with Japan's Katayama Kogyo to penetrate the Indian automotive market.

Talks were also centred on Ingress' plan to raise its stake in Ingress-Mayur Autoventures Pvt Ltd, chairman and chief executive officer Datuk Rameli Musa said.

Ingress currently has a 40 per cent stake in Ingress-Mayur, which designs, develop, manufactures and distribute auto parts to carmakers in India.

The rest of the stake is held by India's Mayur Industries Ltd, a subsidiary of Haryana Industries.

"Mayur has asked us to take the driver's seat in the joint venture. We are still in negotiations. We believe having Katayama as our technical partner in the joint venture will hold strong.

"Suzuki also wants our Japanese partner to come in before they hand us more jobs. Talks are on-going," Rameli said after Ingress shareholders' meeting yesterday.

Rameli said Ingress is also talking to Korea's Woo Young Group to help penetrate the automotive market in India and Turkey.

Ingress wants to tie-up with Woo Young, which is a strong supplier of auto parts in Korea, to get contracts from carmakers like Hyundai, Rameli said.

"To bid for new contracts, it is beneficial to have the Japanese and Koreans as your partners. India is a growing market where the total industry volume is more than three million units," he added.

Meanwhile, Rameli said Ingress is looking to grow its energy division and is bidding for more jobs in Malaysia, including contracts from Keretapi Tanah Melayu Bhd (KTMB).

Ingress submitted a bid to lease diesel locomotives to KTMB last year.

The company has also bid for the RM950 million contract for system works for the Ampang light rail transit line extension project.

"We hope the government will award the contract soon, and on a fair basis. We have not heard anything since the bid closed last June, so we believe our tender is still valid.

"In our 12 years of experience, this is the most difficult project to handle. We are looking forward to the contract, but we are not desperate," Rameli said.