New Delhi: Italian auto major Fiat Group company Magneti Marelli and Aurangabad-based Endurance Technologies today signed a joint venture agreement to produce shock absorbers for motor vehicles in India and Thailand.
Endurance Technologies will have 50% plus one share, while Magneti Marelli will hold 50% minus one share in the JV, the two companies said in a statement.
The JV, which will start operation by the first quarter of 2009, will have industrial facilities at Chakan in Maharashtra, while another production unit is also being planned in Thailand, where the Endurance Group is already present, it added without disclosing possible investments.
The new company will specifically deal in the design, production and marketing of shock absorbers, including semi-corner modules and gas springs, for cars and commercial vehicles, it said.
The products would be aimed at local and international car makers operating in the Indian continent and in nearby regions.
Magneti Marelli designs, produces and markets advanced systems and components for motor vehicles with 46 production facilities across the world. The JV enhances Magneti Marelli’s global footprint in the shock absorbers sector.
Endurance, on the other hand is specialised in aluminium die casting and specifically in the production of vehicle components and systems such as suspensions, transmissions and braking systems.
It also also has presence in Italy, with production facilities at Turin and Bologna and in Germany with production unit at Massenbachhausen.