INDIA: Anand signs merger agreement with Mando for JVs
Anand has entered into an agreement with Mando for the merger of the two joint venture companies partnered by the two groups, Mando India and Mando Steering Systems India. The new company will be known as Mando Automotive India, with a combined turnover of over INR12.35bn (US$226.86m).
The consolidated operations of the new company begin from April 2013, employing around 1,200 people. The merger is expected to deliver marketing and purchase synergies while serving as a single point source for key chassis components for customers of the two JVs. The new company will offer brakes, suspension and steering systems. The merger is also expected to result in enhanced operational efficiencies while strengthening the overall organisational and financial structure.
Anand, India and Mando, Korea have been partners since 1997. Their first joint venture, Mando India, was set up to manufacture brakes at Chennai, India and introduced suspension products in 2005. The company is an OEM supplier.
Anand recently entered into a second joint venture partnership with Mando after having acquired a stake in Mando Steering Systems India. The collaboration was finalised at Seoul, Korea in October 2012. The company manufactures column supported electric power steering (C-EPS), at its facility in Chennai, Tamil Nadu. The merger of these two companies is expected to further strengthen the partnership between the two groups.
MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organi...
This QUBE report from just-auto provides a comprehensive overview of the global automotive shock absorbers sector, major suppliers, top 14 markets, technology trends and market size forecasts. Use thi...
This QUBE report from just-auto provides a comprehensive overview of the global light vehicle electronic braking sector, major suppliers, top 14 markets, technology trends and market size forecasts. U...
This QUBE report from just-auto provides a comprehensive overview of the global automotive steering systems sector, major suppliers, top 14 markets, technology trends and market size forecasts. Use th...
- Briefing: Supplier industry financial review
- VEHICLE ANALYSIS: MY2015 Volvo V60 Polestar
- THE WEEK THAT WAS: All eyes on Vienna
- VEHICLE ANALYSIS: Volkswagen Polo 1.2 TSI
- INTERVIEW: Alain Uyttenhoven, Head of Lexus Europe
- Tesla and BMW in battery talks - reports
- 2014 GUANGZHOU SHOW: World premieres list
- BMW tests Google Glass eyewear for quality checks
- INDIA: Datsun horror inspires national crash tests
- Jaguar Land Rover named "most trustworthy OEM"