New Delhi, Jun 16 (UNI) Magneti Marelli and Endurance Technologies Pvt Ltd today said they have signed a Joint Venture agreement (JV) for setting up production facilities of shock absorbers for motor vehicles in India and Thailand.
The JV company will be owned in the ratio of 50 per cent +1 share (Endurance Technologies) and 50 per cent -1 share (Magneti Marelli), and is set to be operative by the first quarter of 2009, a company statement said.
The industrial facilities will be located in Chakan, in Maharashtra.
''Another production unit is also planned in Thailand, near Bangkok, where the Endurance Group is already present,'' it added.
The JV company will specifically deal in the design, production and marketing of shock absorbers, including semi-corner modules and gas springs for cars and commercial vehicles.
The products made by the JV company will be aimed at local and international car makers operating in the Indian continent and in nearby regions.
Endurance specialises in Aluminium Die Casting and specifically in the production of vehicle components and systems such as suspensions, transmissions and braking systems. It has a presence in Italy, with production facilities at Turin and Bologna and in Germany with production facility at Massenbachhausen.
With this agreement, Magneti Marelli will consolidate its global footprint in the shock absorbers sector. In addition to this JV company, Magneti Marelli also has a consolidated presence in South America, the US and Poland.
Magneti Marelli, a part of the Fiat Group, designs, produces and markets advanced systems and components for motor vehicles.
It has 46 production facilities (56 production units), nine R&D centres and 27 application centres in 16 countries.
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