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Our Bureau

Pune, May 3

The city-based Siddeshwar Industries and Master Automatic, Michigan, US, have signed a memorandum of understanding (MoU) to form a joint venture company in India to manufacture forged auto components, precision machined components and assemblies. The new company will begin operations here within three months and cater to both domestic and global auto industry. Siddeshwar Industries has been catering to Indian OEMs such as Bajaj Auto for a over a decade, and will now cater to global giants such as GM and Ford that are increasing operations in India. The two companies have joined hands at a time when the automobile component industry is expected to grow at 25 per cent per annum by 2010 from its present level of 18 per cent.

More Stories on : Alliances & Joint Ventures | Automobile Components | Maharashtra

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