Anand India and Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation,
10 Mar 2015 | 16182 Views | By Shobha Mathur
Anand India and Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation, have entered into an agreement for converting the sealing and piston ring businesses of Anand into two joint venture operations.
On February 26, Autocar Professionalhad first broken the news on its website about these JVs. The new ...
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Anand India and Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation, have entered into an agreement for converting the sealing and piston ring businesses of Anand into two joint venture operations.
On February 26, Autocar Professional had first broken the news on its website about these JVs. The new JVs will be known as Federal-Mogul Anand Sealings India and Anand I-Power.
The association between the two companies began in 1978 with the inking of a joint operation for setting up an engine bearings manufacturing facility at Parwanoo in Himachal Pradesh. Since 2008, the company is known as Federal-Mogul Bearings India. Anand has already developed Parwanoo as an important hub with five Group companies having a manufacturing footprint there.
The new joint ventures will combine Federal Mogul’s state-of-the-art technology, research and development capabilities, global customer relationships and advanced manufacturing operations, with Anand’s strong local customer and supplier base as well as expertise in human resource management and development.
“We have had a long-standing strategic partnership with Anand India for several decades. The symbiotic relationship has helped to establish us as a leading supplier of bearings in India. This expansion into sealing products will further our position as a leading supplier of engine components in India, which is a key and growing market for us,” said Andreas Kolf, vice-president and managing director for Federal-Mogul Powertrain, India.
Identical to the already existing bearings joint venture, Federal-Mogul Powertrain will hold a 51 percent stake of the new sealing joint venture (gasket business) while Anand along with smaller shareholders, will own 49 percent of the operation. Anand meanwhile will hold more than a majority stake in the piston ring joint venture, Anand I-Power.
“This agreement will create a platform for the businesses to compete both locally and globally, and increase market share going forward,” said Mahendra K Goyal, Anand’s Group president – Aftermarket and Business Group III.
Anjali Singh, chairperson of the Anand Supervisory Board, said, “With Federal-Mogul Powertrain being a global leader in the engine parts business, this partnership will help the three joint ventures offer state-of-the art technology and best practices to all automotive and industrial engine OEMs in India. The main aim of this strengthened JV partnership between Federal-Mogul and Anand is to help attain leadership positions for these three businesses in their respective product lines and improve its value offering to all of its stakeholders.