Joint Venture Formation

NDR Auto Components Limited announced that its Board of Directors has approved the formation of a joint venture with DYA Co., Ltd. (KRX: 002880), a leading Korean manufacturer of automotive seats. The joint venture will design, manufacture and supply automotive seats and seat systems in India, specifically for Kia India and Hyundai India.

Investment Structure

  • Total project investment: Up to INR 62.96 crore
  • Shareholding pattern: NDR Auto Components will hold 51.0% and DYA will hold 49.0% of the joint venture's share capital
  • The joint venture's financial results will be consolidated into NDR Auto Components' financial statements
  • The joint venture company will be incorporated in India

Strategic Rationale

The joint venture combines NDR Auto Components' seat component manufacturing capabilities in India with DYA's expertise in the design and manufacture of complete automotive seat systems. DYA is an established seat supplier to Kia and Hyundai Motor in Korea and has achieved Hyundai-Kia's five-star quality rating.

Business Impact

  • Enables NDR Group to add Kia India and Hyundai India as new customers
  • Extends NDR's seating business from seat frames and trims to complete seat systems
  • Allows DYA to enter the Indian market and explore opportunities to supply to Hyundai Motor and Kia in India

DYA Company Background

DYA Co., Ltd. is headquartered in Gwangju, Republic of Korea, and listed on the Korea Exchange. The company:

  • Began manufacturing automotive seats in Gwangju in 1999
  • Designs and produces complete seat systems for Hyundai Motor Group
  • Supplies entire domestic seat volume for internal combustion engine models (Kia Sportage and Seltos) and electric vehicle models (EV5 and PV5)
  • Commissioned a dedicated electric-vehicle seat line at its Hwaseong plant for Kia's mid-size electric SUV in 2023
  • Plans to establish new plants in Inju and Ulsan in 2026 for new vehicle models including PV7 and Kona successor
  • Combined capacity of Gwangju and Hwaseong plants: approximately 660,000 seats per year (2025 figures)
  • Employees: approximately 503 people (as of November 2, 2026)
  • Consolidated revenue: KRW 633.3 billion in 2025

NDR Auto Components Background

NDR Auto Components Limited is the flagship company of the NDR Group engaged in manufacturing automotive seating solutions since the 1980s. The company:

  • Manufactures seat frames, seat trims and body-in-white components for passenger and utility vehicles and two-wheelers
  • Reported revenue of INR 827.40 crore in FY 2025-26
  • Listed on BSE and NSE

Completion Conditions

The formation of the joint venture is subject to:

  • Execution of definitive agreements
  • Incorporation of the joint venture company
  • Receipt of applicable regulatory approvals

The Company has made the requisite disclosure to BSE Limited and the National Stock Exchange of India Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.