Press Release

Tsubaki Group Makes Joint Venture in India a Wholly Owned
Subsidiary to Expand its Global Materials Handling Business

February 28, 2022

Tsubakimoto Chain Co. (President: Kenji Kose, Head Office: Osaka, Japan) announced today that its consolidated subsidiary, Tsubakimoto Bulk Systems Corp. (“TBS,” President: Junichi Ohsaki, Head Office: Osaka, Japan), had acquired an additional 49% stake in Mahindra Tsubaki Conveyor Systems Private Limited (“MTC”), a joint venture with the Mahindra Group in India, making it a wholly owned subsidiary of the Tsubaki Group to expand its materials handling business in the Indian region. Consequent to the acquisition, the name of MTC will be changed to “Tsubaki Conveyor Systems India Private Limited,” subject to necessary approvals from regulatory authorities in India.

The Tsubaki Group has had a long-standing cooperative relationship with Mahindra Engineering & Chemical Products Limited (“MECP”), a subsidiary of Mahindra & Mahindra Limited in India, with TBS having invested 8.5% in MECP’s wholly owned subsidiary, Mahindra Conveyor Systems Private Limited ("MCS") in 2010. In July 2014, the Tsubaki Group acquired a further 42.5% stake in MCS and consequently changed the name of the company to “Mahindra Tsubaki Conveyor Systems Private Limited” (“MTC”). Since then, Tsubaki has been working to expand its business in the Indian market, focusing on bulk handling conveyors and other unit material handling products.

Through this acquisition, the Tsubaki Group will focus on sales of bulk handling systems for various industries, including biomass, in addition to its mainstay conveying systems for the cement and automotive industries, with the aim of expanding its material handling business and penetrating the Tsubaki brand in the Indian market.

Outline of wholly owned subsidiary

1. Company name Tsubaki Conveyor Systems India Private Limited (subject to regulatory approval)
2. Location Pune, Maharashtra, India
3. Closing date February 25, 2022
4. Registered capital INR 313 million (approx. JPY 480 million)
5. Shareholders Tsubakimoto Chain Co. 42.5%, Tsubakimoto Bulk Systems Corp. 57.5%
6. No. of employees 130
7. Business description Engineering, manufacturing, and sales of bulk handling systems, conveyor systems for the automotive industry, and various other material handling systems.

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