New Delhi, Sept 15 (UNI) Engineering firm Unitech Machines Ltd today said it has signed a joint venture (JV) agreement with Italy-based Magneti Marelli for setting up a manufacturing unit for electronic systems for the automobile sector.
Magneti Marelli will have 51 per cent stake, while Unitech Machines would hold the rest.
The JV company is expected to become operational by the end of the first quarter of 2009, a joint statement said.
The JV would target the local and international car makers operating in the Indian subcontinent, it added.
''We found in Unitech Machines the ideal industrial partner with whom to develop our business in a strategic sector such as instrument clusters and electronics, which also includes telematics in India,'' Magneti Marelli CEO Eugenio Razelli said.
Magneti Marelli, a Fiat Group company, is engaged in designing, production and distribution of advanced systems and components for the automotive industry.
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