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Tata Group promoted Tata AutoComp, the umbrella company which makes a variety of automotive components, has sold its entire stake in a joint venture company that makes seats to its foreign partner.
The joint venture partner Johnson Controls today announced that it will be acquiring the 50 per cent stake from Tata AutoComp in the joint venture Tata Johnson Controls Automotive (TJC) for an undisclosed sum.
TJC, a 50:50 joint venture between Tata AutoComp Systems and Johnson Controls, is in the business of manufacturing seating systems. Its customers in India include most of the original equipment manufacturers.
TJC has plants in Pune, Sanand, Pantnagar, Lucknow, Jamshedpur, Dharward, Chennai and Bengaluru and also operates an Engineering Centre in Pune which serves the Technical Centers of Johnson Controls across the globe.
The final transfer, after completion of all formalities, is expected to take place by April 1, 2013, stated a Tata AutoComp release. The JV was formed in 1996 with Johnson Controls being the lead partner for technology.
Paul Chawla, President and CEO Johnson Controls Automotive Experience India said, “India is a growing market and is now becoming an integrated part of our global strategy. We enjoyed our partnership with Tata AutoComp and thank them for their support in the years of existence of the joint venture and their contribution in making TJC a leading seating systems company in India.”
