Mumbai, Jun 16: Magneti Marelli and Endurance Technologies Pvt Ltd have signed a Joint Venture Agreement (JVA) to produce shock absorbers for motor vehicles in India and Thailand. According to terms of the agreement, the Joint Venture will be owned by Endurance Technologies and Magneti Marelli in the ratio of 50 per cent + one share (Endurance Technologies) and 50 per cent - one share (Magneti Marelli) and would become operational by the first quarter of next year.
A Endurance Group release here said the industrial facilities would be located in Chakan, Pune. Another production unit is also planned in Thailand, near Bangkok, where the Endurance Group was already present.
The new company would 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 would be aimed at local and international car makers operating in the Indian sub-continent and in nearby regions.
Endurance is an international group specialised in Aluminium Die Casting and specifically in production of vehicle components and systems such as suspensions, transmissions and braking systems.
Endurance also has presence in Italy, with production facilities at Turin and Bologna and in Germany with production facility at Massenbachhausen.
The joint venture would enable Magneti Marelli consolidate its global footprint in the shock absorbers sector. In addition to this Joint Venture Company (JVC), Magneti Marelli also has a consolidated presence in South America, the US and Poland, with an industrial mission addressed to both OE manufacturers and the Aftermarket.