Tata International Ltd today said it has entered into an agreement with GST AutoLeather Inc to form a joint venture company to be headquartered in Mumbai.
Tata International signed a letter of intent and an agreement to form the venture, Tata International GST Auto Leather Ltd. The company is expected to be formed within the next 60 days, according to a release issued here.
Tata International is a manufacturer and exporter of leather and leather products and is a supplier to the automotive industry. Michigan-based GST AutoLeather has production facilities and sales offices across four continents.
The JV will supply automotive leather products to the expanding Indian original equipment market and other export markets, the release said.
"This joint venture brings together two companies with a long heritage in the leather business. TIL with its deep experience in producing leather for the Indian market and GST's global automotive experience brings together two companies that share common values and a relentless pursuit of excellence", Tata International Managing Director Noel N Tata said.
"We look forward to beginning the process of building a premier automotive leather company in India," said Dennis Hiller, President and CEO of GST AutoLeather.
