Vikas Group & Dayco Europe srl ink JV to make FEAD & primary Drive parts

Vikas Group (India) and Dayo Europe srl (Italy) have announced the formation of two separate joint ventures - one exclusively focused on manufacturing pulleys technology and the other JV focused on manufacturing Tensioners & Belts. These are components for the Front End Accessory Drive Systems (FEAD) and the primary Drive. The partners have earmarked an investment outlay of around Rs. 50 crore in the initial phase. Under the agreement, the Vikas Group and Dayco Europe srl will share financial and technological resources with the intent to jointly design, construct and operate a world-scale manufacturing facility for their product range. These facilities would be supported by a dedicated testing and validation facility together with a local Application Engineering capability. The unique feature of this facility would be the fact that all the major components of the Power Transmission Systems would be manufactured under one facility. “The planned product line-up together with the engineering & testing capability would allow us to work closely with our customers in terms of providing them complete Power Transmission systems & components, in order to enhance the performance of their engines & Vehicles”. The Vikas Group strongly believes in “product leadership” and accordingly has developed a strong product portfolio around the power train applications, said Praveen Agarwal- Chairman Vikas Group. “By working together with Vikas Group, we are confident that we’ll have the winning combination to enable the industry to have more advanced and high technology products. As the automotive industry increasingly moves to global automotive platforms for design, engineering and production, automotive parts suppliers are adapting to meet these requirements. This joint venture will strengthen the market share for both Vikas Group and Dayco Europe srl, as it further extends their ability to supply customers on a global basis, as well as supporting growth in the Indian and European automotive market,” said, Mario BottoMicca- President Dayco Europe.