Lucas-TVS forms JV with Iranian firm

Lucas-TVS today announced that it has formed a joint venture with Iran's Feiz Ghadir Industries (FGI) to make starter motors that will be supplied to an Iranian automobile manufacturer, SAIPA.

Lucas said its joint venture with FGI is the first of its kind for the Indian auto component industry in Iran, and it envisages an investment of up to $ 4 million over the next few years.

The joint venture will start with the manufacture of starter motors for supply to SAIPA and gradually extend the range of products manufactured to alternators, window lift motors, seat motors and wiper motors.

Prior to the joint venture, Lucas had a business relationship with FGI over the last six years, said a Lucas statement.