TOKYO — Japan's Mitsubishi Pencil on Thursday said it will set up a joint venture in India in January to meet growing demand for writing instruments in the country.
Mitsubishi Pencil will acquire 51% of the company, called Unilinc, while local partner Linc will acquire the remaining 49%. The entity will build a new factory in India in 2025 and will be responsible for distributing the products locally.