Fiat Group’s Magneti Marelli and India’s Endurance Technologies have inked a joint venture to produce shock absorbers for vehicles in India and Thailand.
Endurance Technologies will have 50% plus one share, while Magneti Marelli will hold 50% minus one share in the JV, the two companies said in a statement cited by the Economic Times of India.
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The JV will start operation by the first quarter of 2009 in facilities at Chakan in Maharashtra while another production unit is also being planned in Thailand, where the Endurance Group is already present, the report added.
The new company will make shock absorbers, including semi-corner modules and gas springs, for cars and commercial vehicles made by global automakers operating in the Indian continent and in nearby regions.
