By IANS
Mumbai : Chennai-based Igarashi Motors India Ltd (IMIL) has inked an agreement with Robert Bosch GmbH, one of the world’s leading automobile components suppliers, to form a joint venture (JV).
The new company will develop, manufacture and sell DC (direct current) motors and systems for windshield wiper, HVAC (heating, ventilating and air-conditioning), engine cooling and window lift applications.
Headquartered in Chennai, the JV’s 59 percent of shares will be owned by Igarashi Motors while the rest will belong to the German company, an IMIL official told IANS from Chennai.
The official added that the operations would start by the end of this year.
In a filing with the Bombay Stock Exchange (BSE), V.K. Viswanathan, managing director of Bosch Ltd, said: “With this JV, 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 motorization of India.”