Vikas Group and Dayco Europe srl announced Joint Venture

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The JV is also creating hundreds of additional Jobs in Indian Automotive Industry

Vikas Group (India) and Dayo Europe srl (Italy), yesterday late evening announced the formal inauguration of their Joint Venture   manufacturing  automotive components for the Front End Accessory Drive Systems (FEAD) and the primary Drive, namely the Damper pulleys, Tensioners, Idlers & Belts, at a press meet at TAJ HOTEL, New Delhi. The cooperation would include two separate JV’s, once exclusively focused on the Pulleys technology & the other JV focused on the Tensioners & Belts. These facilities would be supported by a dedicated testing and validation facility together with a local Application Engineering capability. The unique feature of this facility would be the fact that all the major components of the Power Transmission Systems  would be manufactured under one facility. The partners are together investing about Rs 50 Cr as the initial investment for the start up of this JV. 

Under the agreement, the Vikas Group and Dayco Europe srl will share financial and technological resources with the intent to jointly design, construct and operate a world-scale manufacturing facility for their product range.

“The planned product line-up together with the engineering & testing capability would allow us to work closely with our customers in terms of providing them complete Power Transmission systems & components, in order to enhance the performance of their engines & Vehicles”. The Vikas Group strongly believes in “product leadership” and accordingly has developed a strong product portfolio around the power train applications, said Mr. Praveen Agarwal- Chairman Vikas Group.

“By working together with Vikas Group, we are confident that we’ll have the winning combination to enable the industry to have more advanced and high technology products. As the automotive industry increasingly moves to global automotive platforms for design, engineering and production, automotive parts suppliers are adapting to meet these requirements. This joint venture will strengthen the market share for both Vikas Group and Dayco Europe srl, as it further extends their ability to supply customers on a global basis, as well as supporting growth in the Indian and European automotive market,” said, Mr. Mario BottoMicca- President Dayco Europe.

With this tie up the customers/ market can expect new generation products, with a strong local support. This JV will create additional employment opportunities in the INDIAN AUTO SECTOR with its new manufacturing facility at Manesar.

About Vikas Group:
The VIKAS group has been in the auto component business for over 3 decades now. The group has several Joint Ventures with global leading companies like Sanden (Japan), BorgWarner (USA), Sata (Italy), Dayco (Italy) & Ecocat (Finland)  and has been pro active in terms of understanding the future needs of the various customers and accordingly been able to develop a strong product portfolio, comprising of several products, mainly in the power train applications. The products today include Air conditioning compressors, HVAC, Heat Exchangers (Condensers, Radiators, Evaporators, Oil coolers), Catalytic Convertors, EGR (Exhaust Gas Recirculation) systems, Foundry & Precision machining, FEAD (Front End accessory Drive) system components (Damper Pulley, Auto Tensioners, Belts & Idlers). With currently over 11 manufacturing locations and a manpower strength of over 4000 people, the group today is a major player in the auto component business, serving practically all the OEM’s in the country through its various JV,s. The group today has a turnover of about Rs 1200 Cr with a major growth projected in the next 2-3 yr time frame.

About Dayco Europe srl:
Dayco, with a turnover of approx $1.0Bn,, is a leading provider of Power Transmission products such as timing belts and auxiliary belts, automatic tensioners, both for primary & accessory drive, dampers & idlers for the passenger car & CV segments, globally The company has 14 manufacturing facilities in 8 different countries around the world.   The Company boasts of the most advanced testing & production equipment to validate systems & components thoroughly before going into production, in order to give the customers the maximum technical assistance during the development period.