Mumbai, Nov 22 (UNI) Zoom Developers, the flagship company of Zoom Enterprises, today signed a joint venture partnesrhsip with YAAP Automotaive Parts Company of China to set up an automotive plastic fuel tank manufacturing facility at an initial investment of USD 14 million on a 49:51 basis in Chennai.
The unit will start production in the first quarter of 2009, and the proposed facility will address the cars/sports utility vehicles (SUV) segment, the officials from the two company told reporters while addressing the media here today.
''YAPP wants to be the pioneer to introduce plastic fuel tanks to Indian original equipment manufacturing (OEM) and sees the adoption rate increasing rapidly in India. YAPP-Zoom automotaive systems is committed to bring to India the latest technology and excellent manufacturing practices. Depending upon the success of this venture, YAPP and its share holders are prapred to invest in expanding facilities in not only plastic fuel tanks but also plastic fuel system,'' YAPP Automotive Parts president Sun Yan said.
Expressing her pleasure with the association with the Chinese company, Zoom Developers president Manjri Chaudhary said, ''We have identified plastic tank fuel, which is known for its safety and environmental friendly features, as an entry product into the auto ancillery business.'' ''We have chosen YAPP as our partners as we feel that YAPP is committed to excellence in technology and manufacturing practices.
In the coming years, we hope to expand our business to bring in the latest plastic fuel systems to international and Indian OEMs,'' she said.