Anand India and Federal-Mogul
Powertrain, a division of Federal-Mogul Holdings Corporation have announced
that they have entered into an agreement to convert the Sealing and Piston Ring
businesses of Anand into joint venture operations. According to a press
release, the new joint ventures will be known as Federal-Mogul Anand Sealings
India Limited and Anand I-Power Limited.
In 1978, the companies began
the joint operation of an engine bearings manufacturing facility in Parwanoo,
Himachal Pradesh, India known as Federal-Mogul Bearings India Limited.
“We have had a long-standing strategic
partnership with Anand India for several decades. The symbiotic relationship
has helped to establish us as a leading supplier of bearings in India. This
expansion into sealing products will further strengthen our position as a
leading supplier of engine components in India, which is a key and growing
market for us,” said Andreas Kolf, Vice President and Managing Director for
Federal-Mogul Powertrain, India.
Identical to the already
existing bearing joint venture, Federal-Mogul Powertrain will hold a 51 percent
stake of the new sealing joint venture; Anand, along with smaller shareholders,
will own 49 percent of the operation. This sealing joint venture will be known
as Federal-Mogul Anand Sealings India Limited (gasket business). Meanwhile, Anand will hold more than a
majority stake in the piston ring joint venture, Anand I-Power Limited.
“This agreement will create a platform for the
businesses to compete both locally and globally, and increase market share
going forward,” said Mahendra K Goyal, Anand’s Group President – Aftermarket
and Business Group III.
Anjali Singh, Chairperson of Anand Supervisory
Board, said, “With Federal-Mogul Powertrain being a global leader in the engine
parts business, this partnership will help the three joint ventures offer
state-of-the art technology and best practices to all automotive and industrial
engine OEMs in India. The main aim of this strengthened JV partnership between
Federal-Mogul and Anand is to help attain leadership positions for these three
businesses in their respective product lines and improve its value offering to
all of its stakeholders.”
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