)
Both the partners will have an equal ownership (50:50) in the JV.
The JV will be focused on delivering the ultimate in passenger comfort for the extreme conditions of India with a wide range of solutions that would cater to the entire automotive market, including passenger vehicles, LCVs, trucks and buses.
Speaking on this, Ajay Tandon, MD & CEO of Tata AutoComp Systems Limited said, “Through this partnership with Air International and their thermal systems integration expertise, we will expand our portfolio to now bring the latest in cabin comfort technology to the Indian automotive industry. Air conditioning is an important differentiator in the automotive market and it is our goal to provide best in class systems to our customers, which will allow them to further improve their sales.”
Tata Toyo Radiator Limited is a joint venture between Tata AutoComp Systems Limited, TRAD Japan and Mitsubishi Metals.
It manufactures aluminum based radiators, inter coolers, heater cores and exhaust gas recharge systems.
Todd P. Sheppelman, CEO, Air International Thermal Systems said, “We see great potential in the Indian Automotive industry and found Tata Toyo to be the perfect partner to meet the increasing needs of automakers and the rising expectations of vehicle consumers. I am confident that this JV will be able to offer cutting edge technology in cabin comfort at an affordable cost that will allow significant increases in penetration rates of air conditioning systems in the Indian Market”.
The JV will be headquartered in Pune and will begin to supply HVAC systems to customers in the year 2014.
