Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / US auto parts maker forms 60:40 JV with Remsons
BackBack

US auto parts maker forms 60:40 JV with Remsons

US auto parts maker forms 60:40 JV with Remsons

Premium

Mumbai: The US-based automotive components manufacturer Orscheln Products Llc. is forming a 60:40 joint venture with India’s Remsons Industries Ltd to set up a 3,000 sq. ft greenfield facility in Daman.

Remsons already has a manufacturing plant in Daman. The new plant will share manpower and engineering capabilities with Remsons’ existing facility there.

“The joint venture will address Indian and international automotive manufacturers, construction equipment makers and marine applications," Remsons managing director Krishna Kejriwal said. “Various international manufacturers have already indicated to Orscheln their interest in sourcing products from the Indian joint venture," Kejriwal said, but declined to give client names as he is bound by confidentiality clauses.

The actual investments, to be financed through equity and debt, is yet to be worked upon between the partners. But Kejriwal said he foresees an initial investment of up to Rs10 crore over a three-year period.

Remsons has automobile manufacturers such as Hero Honda Motors Ltd, Tata Motors and General Motors India Pvt. Ltd among its customers.

Remsons has also entered into a distribution agreement with Orscheln, whereby it will sell its products across North America through Orscheln’s sales network.

The joint venture and the distribution agreement will allow Remsons to expand its product portfolio, give it access to new technology and a greater foothold in overseas markets. For Orscheln, this will translate into its expansion into Asia.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 18 Oct 2007, 07:07 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie