Denso Corp., the world's largest auto parts supplier, and Indian's leading maker of auto air conditioning systems, Subros Ltd, said on Wednesday they have agreed to form a joint venture to design automobile air conditioning systems and other devices.
Denso will control 74 percent of the business, which currently is being called Denso Subros Thermal Engineering Center India Ltd. The rest of the venture, which is set to be established in September, will remain with Subros, Denso said in a statement.
No financial details were provided.
Denso ranks No. 1 on the Automotive News Europe list of the top 100 global suppliers, with sales to automakers of $28.7 billion in 2009.