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Automotive component maker Minda Corporation Ltd on Thursday said it has signed a Letter of Intent to form a joint venture for sunroof solutions with Taiwan’s HSIN Chong Machinery Works Co. Ltd. (HCMF).

Announcing the development in a regulatory filing, the Rs.3,492 crore revenue Minda Corporation said the proposed joint venture for manufacturing of Sunroof and Closure Technology products for passenger cars in India.

The equity holding pattern between the two companies will be decided later through the joint venture agreement.

According to Minda Corporation, the HCMF will handle product design, manufacturing process establishment and testing facilities while the Indian company will manage local manufacturing, product marketing and sales through its strong customer connect.

“With the changing consumer preferences and increasing demand for premium features, the market for Sunroof and other advanced vehicle access products is expected to grow multi fold in the years to come. Our continuous focus to bring new and advanced technology products will lead the next phase of our growth,” Aakash Minda, Executive Director, Minda Corporation said.

The market for sunroof in India is expected to reach $500-600 million by 2030, Minda Corporation said.