NDR Auto plans Rs 62.96 crore JV for Kia Hyundai seats

NDR Auto Components Limited approved on November 4, 2026 a proposed 51:49 joint venture with DYA Co., Ltd., carrying investment or project cost of up to Rs 62.96 crore, to manufacture complete automotive seats and seat systems in India for Kia India and Hyundai India, subject to agreements, incorporation and approvals.

What has NDR Auto approved?

NDR Auto has approved the formation of a joint venture, or JV, with DYA to design, manufacture and supply automotive seats and complete seat systems in India. The November 4, 2026 release places the proposed investment or project cost at up to Rs 62.96 crore and identifies Kia India and Hyundai India as the intended customers.

The proposal is not a completed transaction. NDR Auto said it will sign a joint-venture agreement with DYA to establish the partnership terms, and said additional details would be disclosed after incorporation of the Indian JV company and execution of definitive agreements.

The announced scope marks a change from NDR Auto's current seating products. Its company profile lists seat frames and seat trims among its products, alongside body-in-white components for passenger vehicles, utility vehicles and two-wheelers; the proposed JV would supply complete seat systems as well as seats.

How will the NDR Auto and DYA venture be owned?

NDR Auto is planned to hold 51.0% of the proposed Indian JV's share capital, while DYA is planned to hold 49.0%. NDR Auto said the JV's financial results will be consolidated into its financial statements under the proposed ownership structure.

The 51.0% holding gives NDR Auto a majority stake, compared with DYA's 49.0% stake, but the release does not state how the up-to-Rs 62.96 crore investment or project cost will be funded. It also does not disclose each party's equity contribution, any debt funding, the location of a facility or a production start date.

NDR Auto reported revenue of Rs 827.40 crore in FY 2025-26, the latest revenue figure in the release. The company did not break that revenue down between seat frames, seat trims and body-in-white components, so the prospective contribution of complete seat systems cannot be measured from this announcement.

Which products and customers will the JV target?

The proposed JV will target Kia India and Hyundai India with automotive seats and seat systems made in India. NDR Auto said the partnership would enable the NDR Group to add both companies as new customers, while DYA intends to explore supply opportunities with Hyundai Motor and Kia in India.

NDR Auto's contribution is its Indian seat-component manufacturing capability, while DYA's stated contribution is expertise in designing and manufacturing complete automotive seat systems. The product comparison in the announcement is specific: NDR Auto currently makes seat frames and trims, whereas the JV is intended to provide complete seating systems.

DYA's existing Korean supply programme covers internal-combustion-engine models including the Kia Sportage and Seltos, as well as electric-vehicle models including the EV5 and PV5. The release says DYA supplies the entire domestic seat volume for these Hyundai Motor Group vehicle categories in Korea, but provides no announced Indian order volumes.

What manufacturing experience does DYA bring?

DYA brings a seat-manufacturing business that began operations in Gwangju, Republic of Korea, in 1999. The release describes DYA as an established supplier to Kia and Hyundai Motor in Korea and says it has Hyundai-Kia's five-star quality rating.

DYA's Gwangju and Hwaseong plants had combined capacity of about 660,000 seats annually based on 2025 figures. That disclosed capacity is at DYA's existing Korean operations and is not an announced production capacity for the proposed Indian JV.

In 2023, DYA commissioned a dedicated electric-vehicle seat line at its Hwaseong plant for Kia's mid-size electric sport-utility vehicle. It also plans in 2026 to establish plants in Inju and Ulsan for seats and polyurethane foam pads for new models, including the PV7 and the successor to the Kona.

DYA employed about 503 people as of November 2, 2026. NDR Auto's release provides no planned employee number, factory capacity or model-specific allocation for the Indian JV, leaving the scale of its future operations undisclosed.

What conditions must NDR Auto meet before completion?

NDR Auto must execute definitive agreements, incorporate the JV company in India and receive applicable regulatory approvals before the proposed venture can be completed. These conditions mean that the November 4, 2026 board approval does not itself establish an operating seat-system manufacturer.

NDR Auto said it made the required announcement to BSE Limited and the National Stock Exchange of India Limited under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The release does not identify the particular approvals required or set a deadline for incorporation.

The company also cautioned that forward-looking statements on the proposed JV are subject to risks and uncertainties, including regulatory approvals and market conditions. Consequently, the up-to-Rs 62.96 crore project cost, Indian manufacturing plan and intended customer relationships remain conditional on the disclosed completion steps.

Conclusion

The proposed venture would combine NDR Auto's Indian seat-component operations with DYA's experience in complete automotive seat systems. The central operational change is the planned move from frames and trims to complete seat systems, with Kia India and Hyundai India identified as intended new customers for the NDR Group.

The next disclosed milestones are execution of definitive agreements, incorporation of the Indian JV and receipt of regulatory approvals. NDR Auto has said further details will be announced after those steps, which may clarify the Rs 62.96 crore funding structure, production location, capacity, timing and commercial arrangements.