Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
12,086.70114.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

Automotive safety components maker Joysons to merge its two JVs in India

Under the terms of the agreement, the shareholding structure of JAASS will be: JSS 65%, Anand Group 30% and Abhishek Group 5%, Anand Group said in a release.

ET Bureau|
Jun 07, 2019, 02.54 PM IST
0Comments
BCCL
automobile-manufcture-BCCL
The new tri-party venture will be called Joyson Anand Abhishek Safety Systems Private Limited (JAASS).
Automotive components manufacturer Joysons Safety Systems (JSS) announced merger of its two joint ventures in India into a tri-party joint venture. KSS Abhishek Safety Systems Private Limited (KSSA) which is a joint venture of JSS with Abhishek Group is being merged with Takata India Pvt. Ltd (TIPL). TIPL is a joint venture of JSS with Anand Group.

The new tri-party venture will be called Joyson Anand Abhishek Safety Systems Private Limited (JAASS). The merger of the two entities is subject to approval of the National Company Law Tribunal (NCLT).

Under the terms of the agreement, the shareholding structure of JAASS will be: JSS 65%, Anand Group 30% and Abhishek Group 5%, Anand Group said in a release.

“This joint venture will become a platform for our safety products business to broaden our product offerings in India and increase our market share in one of the fastest growing automotive markets in the world. Bundling our world-class capabilities and strengths, we are well positioned to significantly enhance mobility safety in India and to further contribute to saving lives.” said Guido Durrer, president and chief executive of Joyson Safety Systems.

Post-merger, JAASS will have four manufacturing facilities in India, one each in Pune, Maharashtra; Neemrana, Rajasthan; Kancheepuram, Tamil Nadu; and Manesar, Haryana. “JAASS is poised to become a leading supplier of safety-critical components such as airbags (all types- driver, passenger, side, curtain etc.), seat belts (front and rear) and steering wheels to all major OEMs in India and is projected to achieve a turnover of Rs 1000 Crores by 2023,” Anand Group said in a release.

Also Read

Share market update: Auto shares mixed; Bajaj Auto up 1%

Auto slump likely to hit Amtek Auto resolution

Can Bajaj Auto ride out the auto sales slump on e-Chetak?

Autos to tea stalls: UPI makes inroads

Auto, auto ancillaries would be my favourite play on economic recovery: Saurabh Mukherjea

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service