New Delhi, Mar 8 (PTI) Technology firm Continental on Tuesday said it has formed a joint venture with Japanese firm Nisshinbo Holdings to locally produce a component meant for electronic brake systems (EBS) in India.

The new JV will localise machining for valve block meant for the EBS portfolio which includes electronic stability control (ESC) for passenger cars and anti-lock brake systems (ABS) for both passenger cars and two-wheelers.

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"The new venture is another example of Continental's commitment to manufacturing for India, in India. By partnering with Nisshinbo, we are now uniquely positioned to provide the Indian automotive sector with the latest in safety technology, completely manufactured and assembled in India," Continental India President and CEO Prashanth Doreswamy said in a statement.

Nisshinbo and Continental have the right synergies, and the companies are confident of achieving leadership position in the domestic market as well as in exports, he added.

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As per the JV pact, Nisshinbo will provide machining for producing valve block for ABS and ESC units, which would later get assembled into a complete unit at the Continental's Gurgaon plant.

Continental's relationship with Nisshinbo dates back to about 40 years through various business collaborations.

The first association was formed in 1982 through a technical licence agreement signed between Alfred Teves (now part of Continental AG) and Nisshinbo. In 2000, another joint venture was established between Continental and Nisshinbo in Japan.

Continental has been present in India for close to 50 years through technology partnerships and joint ventures for its various businesses.

The company employs about 8,000 people across 13 locations, including seven plants that cater to the Indian market and a technical centre which supports Continental's global R&D activities.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)