German auto component major Bosch today bought out the stake of the Kalyani group in brake manufacturer Kalyani Brakes.The company will be renamed Bosch Chassis Systems India, and will be used as a global manufacturing base for modern braking systems.Bosch today signed an agreement to double its holding in Kalyani Brakes to 80%. "The transaction is on the basis of transfer of shares between promoters, subject to Indian regulations. Kalyani Brakes was previously operated as a joint venture between Bosch and the Kalyani group holding 40% each. The rest of the shares are widely held," the company said in astatement today.Speaking on the future plans, Bosch said in the release that "it plans to extend its worldwide manufacturing base for modern braking systems to India including the manufacture of the anti-lock braking system (ABS)."Kalyani Brakes currently manufactures conventional braking systems and components for passenger cars, tractors, three-wheelers and two-wheelers at its plants in Jalgaon, Chakan and Manesar.It employs roughly 1,800 associates, and generated sales of Rs 357 crore in the last fiscal.
