Taco chief executive officer DS Gupta told reporters on Friday that the company had so far set up seven joint ventures and five more would be signed during the current financial year.

Gupta was speaking after inauguration of the manufacturing facility of Tata Toyo Radiators at Hinjavdi, about 15 kms from here. The plant was inaugurated by Tata group chairman Ratan Tata and Toyo Radiators president Shuji Hashimoto.

Gupta said TACO would be constantly on the look-out for suitable partners to form JVs. Taco will, however, ensure that the company gets at least equal stake in the venture, he said.

The immediate priority for the company was setting up ventures for making air-conditioning systems, window regulators and rubber components, Gupta said.

TataToyo Radiators (TTR) is a joint venture between TACO, Japanese heat exchanger technology leader Toyo Radiator Company and Mitsubishi Corporation of Japan.

TTR has set up manufacturing facility with a proposed capacity to make 5,00,000 radiators annually, at an initial investment of Rs 56 crore.

Equity investment in the project is to the tune of Rs 28 crore, 50 per cent of which is brought in by Taco.

Toyo Radiators have contributed 40 per cent, while Mitsubishi's holding in the equity is 10 per cent. In addition to contributing capital, Mitsubishi might supply aluminium to the project as it is among the Toyo approved vendor for the material.

TTR chief executive officer SB Mantri said the company would initially target the country's automobile sector to sell its product. Telco (for their small car Indica), Honda Siel (for City) and Daewoo Motors (for Matiz) have agreed to place orders with TTR and the company is at a very advanced stage of negotiations with six other car manufacturers including Marutifor supply of radiators, Mantri said.