Indian automotive tube and hose maker Taurus Flexibles has agreed a strategic tie-up with Spain’s Cikautxo and Mondragon co-ops to make rubber and plastic hoses for both domestic and export markets.
The Spanish firms have taken a 50% stake in Taurus’ wholly owned subsidiary in Pune and created a new joint venture called Cikautxo Taurus Flexibles.
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The Spanish companies’ customers include VW, Daimler, Ford, Renault, Nissan, GM-Opel, PSA, Behr and Valeo. With OEMs setting up facilities in India, the new venture plans to supply their global operations as well.
“The strategic alliance with Taurus Flexibles has paved our way into the Indian domestic market, undoubtedly one of the fastest growing auto markets in the world. The production cost in India and technical capabilities will complement our existing manufacturing bases in Spain, Czech Republic, Slovak Republic, Brazil and China and will enable us to meet global demand,” said Victor Arrizabalaga, CEO of Cikautxo.
Mondragon and Cikautxo are both cooperatives owned by their employees. Cikautxo designs and manufactures parts and assemblies and has turnover of EUR220m.
Mondragon recently set up an industrial park in India to provide space for group companies locally.
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