Business   

India Pistons forms JV with MAHLE of Germany

CHENNAI: India Pistons, a member of the Rs. 5,200-crore Amalgamations Group, has entered into a joint venture agreement with MAHLE GmbH, headquartered at Stuttgart in Germany, to make pistons for advanced engine applications.

India Pistons has hived off its facility at Maraimalai Nagar near here as an independent entity. The facility will now become the vehicle for launching the joint venture.

The joint venture will see both holding equal equity positions. MAHLE, with its status as a global industrial leader, will provide the technology and industry initiatives that will help the joint venture gain a frontline position in the Indian automotive industry. Over the next three years, the joint venture unit will see substantial investments in fixed assets, production plant and equipment and quality management systems.

The joint venture will primarily focus on the production of pistons for gasoline and diesel engines for the fast growing Indian market requiring compliance with future emission regulations such as Euro IV and above.

It will also introduce new piston designs with oil cooled galleries for new diesel engine generations, according to a release published in the website of MAHLE.

Commencing with an existing production capability of 3.2 million pistons per annum, MAHLE-IPL is expected to double this to 6.4 million pistons within the next three years. In 2008, it will be employing a workforce of about 300 and is expected to achieve a sales turnover of Rs. 160 crore. In a release, A. Sivasailam, Chairman of the Amalgamations Group, said, “India Pistons has been a very important member of the group and its presence has been very significant and vital to the prestige and growth of the Group.”

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

FM: 9 p.c. growth possible
SBI’s Rs. 16,000 cr. rights issue approved
IBM opens centre for differently-abled
RBI issues guidelines for engaging recovery agents
Sensex rallies further on buying
India Pistons forms JV with MAHLE of Germany
Nasscom, ICICI Knowledge Park to set up venture fund
ITC keen on acquisitions
Exchange Rates
Bullion Rates
Reliance Power gets LoI
Consumer Price Index remains static
Inflation climbs to 3.21 p.c.
Panna-Mukta-Tapti gas price fixed
Securitas acquires stake in Walson Services
CUB joins Cash Tree network of ATM
Carrier to invest $50 m in India
Wipro in pact with BAE Systems
GM opens design studio

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu