23 August 2012

Mitsui to acquire shares of TOTO Subsidiary TOTO India

23 August 2012 – Mitsui & Co., Ltd.(Head Office: Chiyoda-ku, Tokyo) has reached agreement concerning the acquisition by Mitsui of a 30% stake in TOTO Ltd.(Head Office: Fukuoka) wholly-owned subsidiary TOTO India Industries Private Ltd. on August 23,2012. After obtaining approvals from the concerned authorities, Mitsui will subscribe to, and TOTO India will issue, 30% shares by making an investment of INR600mil (Approx.J¥850mil.). 

TOTO India was established in Jan., 2011 as the operational company handling housing equipment such as Sanitary Ware, Faucet and other plumbing products in the growing market of India. TOTO aims for Overseas Housing Equipment Business as one of its growth strategies and regards India as an important growing market to newly penetrate. TOTO India expects to start operation of its Gujarat State factory for manufacturing Sanitary Ware from second half of 2014 and to aim to establish a business platform in the domestic market. 

Mitsui and TOTO have been working together since the 1980s to establish a business platform in China by starting an export business. Mitsui will aim for establishment of Housing Material Business Platform in India through this equity participation in TOTO India by utilizing Mitsui's long term business skill, knowhow in India and global network, and by working together with TOTO who supplies high quality and high functioning products. 

Source: Mitsui