Federal Mogul increases stake in GIL by 50.1 pc

New Delhi, May 16: In order to expand its presence in India, global supplier of automotive components, Federal Mogul Corporation, has acquired a majority stake of 50.1 per cent in its long-standing joint venture, Goetze (India) Ltd (GIL).

''Developing cost capabilities and increasing our manufacturing footprint in India will enable us to better serve both new and existing customers in domestic and global markets,'' Federal Mogul Chairman, President and Chief Executive Officer Jose Maria Alapont said.

Based here, GIL has operations in Patiala, Bangalore and Bhiwandi with about 5,000 employees.

Headquartered in Southfield, Michgan, Federal Mogul registered net sales worth 6.3 billion dollars in 2005.

UNI