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Our Bureau

Chennai, Sept 4

As part of its business restructuring, the US-based Visteon Corporation has completed the sale of Visteon Powertrain Control Systems India (VPCSI) to Adyar River Ltd, according to a press release.

VPCSI manufactures starters and alternators for global car makers and has five units in India including one at Chennai. The Chennai unit has been sold to Adyar River, a joint venture between the US-based Argyle Street Management Ltd and Leticia Investments Corp. The joint venture company manages funds invested in special situations in Asia.

Employees at the Chennai unit will continue to be employed as part of the transaction, the release said. Terms of the agreement were not disclosed.

More Stories on : Restructuring | Automobile Components

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