Auto components maker Bagla Group has inked a strategic pact with Italy's Fontana Gruppo to scale up fasteners business in the country.
Italy's Fontana Gruppo and Bagla Group have signed definitive agreements to enter into a strategic partnership for the fasteners business in India, Aurangabad-based Bagla Group said in a statement.
"The partnership with Fontana Gruppo would enable the fasteners business of Bagla Group to acquire necessary technological expertise, size and scale, to become the largest fasteners manufacturer in India," the company's chairman Rishi Kumar Bagla said.
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Bagla Group has a sizable presence in north and western parts of the country and supplies various components like aluminum die casting, automotive electricals and refrigeration products to customers like Bajaj Auto, Fiat, Volkswagen and Maruti Suzuki India.
Fontana Gruppo Vice Chairman Giuseppe Fontana said the partnership is a key milestone in the company's strategy to increase its footprint in emerging markets.
"India is the most promising economy in the world at this stage and we are committed to serve our global customers having a presence in India. Additionally, the Fontana Gruppo proposes to use the local manufacturing capabilities and engineering expertise in India to serve its customers in various countries," he added.
A fastener is a hardware device that mechanically joins or affixes two or more objects together.
