Sundaram Industries in JV with Bridgestone

Sundaram Industries (SIL), part of TVS group, has entered into an agreement with Japan-based Bridgestone for setting up a new company called Bridgestone TVS India, with a capital of Rs 36 crore. The new company will manufacture automotive anti vibration products in India.

P Vijayaraghavan, President - Business Development, SIL told Business Standard that Bridgestone will have 51 per cent stake in the new company, while SIL will hold 49 per cent. The new company will start its operation by March or April 2009.

He added, as part of the first phase the company will manufacture anti vibration products at its plant near Delhi and is looking at setting up one more facility which could be Chennai also.

 

The joint venture company is subject to relevant regulatory approvals. As per the agreement, SIL will transfer its existing domestic automotive anti vibration products business to a new company, which is worth about Rs 50 crore, said Vijayaraghavan.