Automotive components manufacturer Joysons Safety Systems (JSS) announced merger of its two joint ventures in India into a tri-party joint venture. KSS Abhishek Safety Systems Private Limited (KSSA) which is a joint venture of JSS with Abhishek Group is being merged with Takata India Pvt. Ltd (TIPL). TIPL is a joint venture of JSS with Anand Group.
The new tri-party venture will be called Joyson Anand Abhishek Safety Systems Private Limited (JAASS). The merger of the two entities is subject to approval of the National Company Law Tribunal (NCLT).
Under the terms of the agreement, the shareholding structure of JAASS will be: JSS 65%, Anand Group 30% and Abhishek Group 5%, Anand Group said in a release.
“This joint venture will become a platform for our safety products business to broaden our product offerings in India and increase our market share in one of the fastest growing automotive markets in the world. Bundling our world-class capabilities and strengths, we are well positioned to significantly enhance mobility safety in India and to further contribute to saving lives,” said Guido Durrer, president and chief executive of Joyson Safety Systems.
