Engineering firm Unitech Machines Ltd today said it has signed an agreement with Italy-based Magneti Marelli for setting up a joint venture to manufacture electronic systems for automobile sector.
Magneti Marelli would have 51 per cent stake and Unitech Machines would have remaining 49 per cent in the joint venture.
The JV company is expected to become operational by the end of the first quarter of 2009, Unitech Machines said.
The JV would target the local and international car makers operating in the Indian subcontinent, it added.
"We found in Unitech Machines the ideal industrial partner with whom to develop our business in a strategic sector such as instrument clusters and electronics, which also includes telematics in India," Magneti Marelli CEO Eugenio Razelli said in a statement.
Magneti Marelli, a Fiat Group company, is engaged in designing, production and distribution of advanced systems and components for the automotive industry.