Igarashi Motors - Press Release
Igarashi Motors India Ltd has informed BSE that on February 15, 2008, the Company has inked a Joint Venture Agreement with Robert Bosch GmbH, Germany for establishment of a new Company for Development, manufacture, and sale of automotive components.
In this regards the Company, jointly with Robert Bosch had released a Press Release as follows:
“Robert Bosch GmbH and Igarashi Motors India Ltd (IMIL) have established a joint venture. The new Company will start operations in the second half of 2008 for developing, manufacturing and selling DC Motors and Systems for Wiper, HVAC, Engine Cooling and Window lift applications for the fast growing Indian automotive market. The joint venture will be headquartered in Chennai, India. With a 51 percent shareholding, Bosch will have the industrial leadership in the joint venture and IMIL will hold 49 percent of the shares. By the end of 2008, it is planned that the joint venture will employ roughly 100 associates.
“With this joint venture, we are expanding our range of products manufactured locally in India. In this way, we offer our local customers the best possible support in the further motorization of India” said Mr. V K Viswanathan, Managing Director of Bosch Ltd and Bosch representative in India. Dr. K K Nohria, Chairman of Igarashi Motors India Ltd, said: “Technologically, Igarashi and Bosch are a perfect fit, with each one’s strength complementing the other. Together, we want to exploit the market potential of DC motors and other automotive components in the Indian market.”
In India, Bosch employs some 18,000 associates. Its sales with customers in India increased by nearly 20 percent in 2007 to roughly 815 million euros. The Company has been manufacturing in India since 1954, and now has eleven manufacturing sites and four development centers in the country.”
Tags: Igarashi Motors