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Pune-based Shivang Technocrats Pvt Ltd has inked an alliance with Lareda Mekan AB, Sweden, to manufacture a range of automotive products including pedal assemblies, fuel filler necks, sheet metal components and integrated seat frames.
The focus of the alliance, which will develop over two phases, will be to develop and offer products to automotive OEMs and other European clients in India and overseas. The products will be manufactured at Shivang’s existing plant in Chakan.
In the first phase Lareda Mekan will create a channel to cater to its customers in India, Asia and Europe. In the second phase, Shivang and Lareda’s Indian subsidiary will form a joint venture and offer products to customers in these regions. Lareda will invest around $ 20 million in the subsidiary over five years, while the sales revenue from the JV is projected to touch $40 million in the same period.
The deal has been structured by ALCOR Mergers and Acquisitions Pvt. Ltd., a portfolio company of ALCOR Fund.
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