JBM Auto today said it has entered into a joint venture agreement with Thailand-based Ogihara to manufacture auto components.
The JV, in which JBM will hold 51 per cent with the rest with Ogihara, will manufacture part for Toyota Kirloskar Motor and is expected to start commercial operations from 2010.
"The company has entered into a JV agreement with Ogihara primarily for the manufacture of stamping or sub assembly parts for Toyota Kirloskar Motor," the auto component maker, JBM Auto, said in a filing to the Bombay Stock Exchange.
The joint venture will set up state of art facilities at Bangalore, it added.
Shares of JBM Auto were trading at Rs 22.65, down 7.17 per cent in the afternoon trade on the BSE.
