New Delhi, Dec 30 (UNI) Neolite, the capital based automotive lighting manufacturing group, has signed a Joint Venture (JV) with Austrian company Zizala Lichtsysteme GmbH (ZKW).
According to the JV, ZKW who are the leading suppliers for the front lighting for premium segment vehicles in Europe, will be taking an initial stake of 26 per cent in the existing business of the Neolite group, with an option to increase their stake up to 40 per cent.
All existent Automotive Lights operations of Neolite will be integrated with JV Company, the company said in a statement.
''ZKW's technical prowess with several innovations in the Automotive lighting business and Neolite's vast experience and strength in offering low cost development and manufacturing should transform JV into a successful partnership,'' said Rajesh Jain who will be the CEO of the new company.
The first of the new plants is expected to come into operation by 2009 and will have an annual capacity to produce 2.5 million lamps, the statement added.