Brakes India on Wednesday announced the completion of the acquisition of its joint venture partner’s shareholding.
Brakes India was founded in 1962 as a joint venture between T V Sundram Iyengar and Sons Private Limited (TVS) and ZF Friedrichshafen AG (ZF).
Recently, ZF acquired WABCO Holdings Inc and due to the resultant competitive situation, ZF agreed to divest its entire shareholding in Brakes India to T V Sundram Iyengar and Sons Private Limited, Sundaram Finance Holdings Limited, India Motor Parts and Accessories Limited and Flometallic India Private Limited.
“Having successfully worked together for over five decades, ZF will continue its technology license and supply agreements with Brakes India,” Brakes India said in a statement.
Brakes India is a supplier of braking systems in the Indian market and a global supplier of ferrous castings.
The company said it is confident of fulfilling all obligations to customers and suppliers on existing and new businesses.
Source: Economic Times