Auto components maker Luman Industries today formed a 50:50 joint venture with Germany's Hengst SE & Co to manufacture filtration modules for passenger and commercial vehicles.
The JV firm, Hengst Luman India, would manufacture the filter modules at its manufacturing facility in the Capital.
"The expected investment in this JV for the next five years would be around Rs 300 crore," Luman Industries Director JS Sethi told reporters here.
Daimler India is going to be the JV's first customer in India, he added.
Commenting on the development, Hengst SE & Co Chief Executive Officer Robert Stoesser said the tie-up would be a win-win proposition for both the partners.
"Luman understands this market and we have deep technological knowledge so we would be right partners for filtration requirements," Stoesser said.
