Italian auto component maker Streparava Holding SPA today said it has bought out its Indian partner Sansera Engineering from their joint venture that makes engine parts for an undisclosed amount.
Streparava Holding SPA has now taken over 100% of the equity of Sansera Streparava Engineering Pvt Ltd, the company said in a statement.
Streparava earlier held 49% equity in the company and the remaining 51% was held by Sansera Engineering Pvt Ltd, it added.
The company is located in Bangalore and will now be Streparava's wholly-owned Indian venture, it added.
"Streparava is committed to strengthen its presence in India beyond the current range of products being produced in the Bangalore facility to other areas such as driveline and chassis components, in which Streparava is a market leader," a Streparava spokesperson said.
The company, which is also present in various other markets, including Brazil, Spain and China, makes auto components, including chassis components and bearing cups, for the commercial vehicle industry.
Delhi-based Tecnova India, a consulting firm specialising in India entry, acted as advisors to the deal.
