Business Daily from THE HINDU group of publications
Friday, Dec 05, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Friday, Dec 05, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Alliances & Joint Ventures Sundaram Ind setting up jt venture with Bridgestone Our Bureau Chennai, Dec. 4 Sundaram Industries Ltd, part of $5-billion TV Sundaram Iyengar & Sons Ltd, has set up a joint venture with Bridgestone Corporation of Japan to make anti-vibration rubber components for automobiles. Anti-vibration rubber components are used in engine and chassis of vehicles to suppress noise, vibration and harshness. In 1996, Sundaram Industries established technical assistance agreement with Bridgestone. The agreement has now morphed into a financial joint venture. Bridgestone owns 51 per cent in the Rs 36-crore paid-up equity capital of Bridgestone TVS India Ltd. Sundaram Industries has plants in Madurai and Manesar, manufacturing rubber products including anti vibration components and supplies to almost all the vehicle manufacturers in the country. The President (Business Development) of Sundaram Industries, Mr P. Vijayaraghavan, told Business Line that the anti vibration business of Sundaram Industries will be transferred to the new entity. The turnover of this business of Sundaram Industries is estimated at Rs 50 crore. Initially the new entity will operate out of Manesar. As part of its expansion plan the company will be setting up another facility in south India, he said. Though it is assessing different locations Chennai could be one of the options. A press release from Bridgestone states that the joint venture will enable manufacturing of technically superior products in the expanding Indian market. It would eventually lead to an enhanced global supply chain, it said. Anti-vibration rubber for automobiles is one area that the Bridgestone has positioned for “concentration” business. More Stories on : Alliances & Joint Ventures | Automobile Components
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