SMIL inks JV pact with Magneti Marelli for shock absorbers biz

Tags: News
Auto components maker Samvardhana Motherson International Ltd (SMIL) has inked a 50:50 joint venture pact with Italy's Magneti Marelli Spa to enter the automotive shock absorbers segment in the Indian market.

SMIL will enter the JV through the acquisition of 50 per cent stake in Magneti Marelli Shock Absorbers India Pvt Ltd, the Italian firm's arm in India, SMIL said in a statement.

The JV will leverage Magneti's manufacturing facility in Chakan, Pune, with state-of-the-art product and automation technology, it added.

"It further strengthens our relationship with Magneti Marelli, our partner since 2008. In line with our philosophy of increasing content per vehicle, this JV adds a new product line – shock absorbers, to our portfolio," Samvardhana Motherson Group Chairman V C Sehgal said.

SMIL and Magneti have a JV in India for lighting systems, air intake manifolds and pedal assemblies since 2008.

"This new JV is the most appropriate way of maximising the Magneti Marelli's investment in the shock absorbers sector in India. The partnership will accelerate the process to become a leader in the shock absorbers Indian market and also a supply source for clients on a global scale," Magneti Marelli Spa CEO Eugenio Razelli said.

SMIL is the principal holding company of the Samvardhana Motherson Group (SMG) while Magneti Marelli is part of Fiat Spa.

EDITORIAL OF THE DAY

  • Going solar is the need of the hour, but ‘going desi’ is equally important too

    Narendra Modi government’s decision on Wednesday to set up 50 solar parks with 500mw each and double the targeted solar power capacity to 40,000mw i

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Cut & Thrust: Interesting times

Russia’s ultra nationalist supreme leader, the all powerful Vladimir Putin ...

Susan Visvanathan

The problem called JNU

Reservation is a word that some administrators and intellectuals find ...

Rajgopal Nidamboor

That divine mosaic of art and science

Our old, inborn fancy to present complex explanations as a ...