Anand Group, Federal-Mogul announce formation of JV
Resource from: Business Standard Likes:211
Mar 10,2015
Auto-parts manufacturer Anand India and US based Federal-Mogul Powertrain today formed a joint-venture called Federal-Mogul Anand Sealings India and Anand I-Power. Both companies entered into an agreement to convert the Anand group's sealing and piston ring businesses into joint venture operations. However, both the companies have not disclosed any financial details about the joint venture.
"The main aim of this strengthened JV partnership between Federal-Mogul and Anand is to help attain leadership positions for these businesses in their respective product lines and improve its value offering to all of its stakeholders. We are offering technology suupport and investing heavily in this joint venture," says Rainer Jueckstock, CEO, Federal-Mogul Powertrain.
Federal-Mogul Powertrain will hold a 51 percent stake in the new sealing joint venture; Anand, along with smaller shareholders, will own 49 percent. This sealing joint venture will be known as Federal-Mogul Anand Sealings India (gasket business). Anand will hold more than a majority stake in the piston ring joint venture, Anand I-Power.
Deepak Chopra, Anand Group said, "This expansion into sealing products will further strengthen our position as a leading supplier of engine components in India, which is a key and growing market for us. Combining Federal Mogul's advanced technology, research and development capabilities, global customer relationships and advanced manufacturing operations and Anand Group's deep access to local customers and suppliers, and expertise in human resource management and development, will ensure a bright future for the joint ventures. This agreement will create a platform for the businesses to compete both locally and globally, and increase market share going forward."
Federal-Mogul Bearings India has recorded annual turnover of $ 250 million (approx. Rs 1500 crore ) together with its 12 plants across India. It is already supplying components to some Indian OEMs. The jv will help to strengthen its customer base in India. Along with US, Europe and India, Federal-Mogul is now expanding its base in China.
Federal Mogul and Anand operate a JV Federal Mogul Bearings India Ltd since 2008. The company was originally established as Gabriel Engine Bearings Division in 1978 and manufactures a complete range of bi metal copper lead and aluminium tin bearings, bushes, flanges and thrust washers.
(Business Standard)
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