New Delhi, Feb 15 (UNI) Automotive component maker Igarashi Motors India Ltd (IMIL) today inked a joint venture (JV) agreement with Germany-based Robert Bosch (GmbH) to establish a new company for the manufacturing, sale and development of automotive components.
With 51 per cent stake, Bosch will have the industrial leadership in the JV while the the Chennai-based IMIL will hold the remaining 49 per cent shares, a statement said.
The new company will develop, manufacture and sell DC motors and systems for wiper, HVAC, engine cooling and window lift applications for the Indian automotive market.
The JV company, which will be located in the state of Chennai, will start operating in the second half of this year and will employ about 100 associates by the end of the year.
Bosch Ltd Managing Director and representative in India Mr V K Viswanathan, said, ''With this joint venture, we are expanding our range of products manufactured locally in India. In this way, we offer our local customers the best possible support in the further motorisation of India.'' Bosch, which employs about 18,000 associates in India, has has been manufacturing in the country since 1954 with 11 manufacturing sites and four development centers.
UNI SG MP VC1418