Latest News | TAFE Acquires Group Forvia's Indian Interior Systems Business Faurecia
Get latest articles and stories on Latest News at LatestLY. Tractors and Farm Equipment Ltd (TAFE) on Friday said it has acquired the Indian interior systems business of Group Forvia, a French global automotive supplier for an undisclosed sum.
New Delhi, Dec 30 (PTI) Tractors and Farm Equipment Ltd (TAFE) on Friday said it has acquired the Indian interior systems business of Group Forvia, a French global automotive supplier for an undisclosed sum.
The deal covers the operations of Faurecia, part of Forvia, at Chakan in Maharashtra, Anantapur in Andhra Pradesh and Tamil Nadu, the company said in a statement.
"The transaction with respect to Chakan and Anantapur has been completed and the Tamil Nadu operation is expected to be concluded shortly," it added.
TAFE, besides its tractors business, has an established engineering plastics business, supplying exterior and interior automotive engineered plastic components as a full service provider to the automotive industry in India.
Also Read | Safety Tips for Driving in Fog: By Ziqitza Healthcare Ltd.
The integration of TAFE's plastics business with Faurecia's interior systems business offers synergistic benefits to all its customers, it said.
Its current customers include Toyota, TVS Motors, Hyundai, Kia, Renault Nissan and GE Medical Systems.
On the other hand, Group Forvia serves major automotive customers, including Mobis-Kia, Mobis-Hyundai, Volkswagen, FCA and TATA.
Under the deal, Faurecia will continue to support TAFE and its customers with its design capabilities.
"TAFE is encouraged by the strong synergistic opportunities that this acquisition offers...technology, innovation and manufacturing excellence will drive our journey forward," company Chairman & Managing Director Mallika Srinivasan said.
(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)