Tata group's auto component manufacturing arm TataAutomotive Components, or Taco, has entered into two 50:50 joint ventures with US based automotive supplier Visteon Corporation. Based out of Pune both the joint venture companies are now operational. According to company officials the first JV company, Taco Visteon Automotive Products or TVAP, will be a stand alone entity which will manufacture engine induction systems and lighting systems.
The second JV company, Visteon Taco Engineerin or VTEC, would initially provide engineering services for Visteon's offices globally. Official spokesperson of Taco refused to share any further details on the two JVs. Mr Bob Pallash, vice president, Visteon Asia, Pacific said, "This is a very important step for us in India and Asia Pacific as we are partnering with Taco.
These joint ventures will allow us to expand our footprint in India which is experiencing tremendous growth, this new partnership further cements our long term strategy for growth and commitment in India." Visteon Corporation, which is a leading full-service supplier, delivers consumer-driven technology solutions to automotive manufacturers worldwide through multiple channels Visteon has about 70,000 employees and a global delivery system of more than 200 technical, manufacturing, sales and service facilities located in 24 countries.
On the other hand Taco, with its 13 manufacturing plants, three engineering centres and three export oriented units, is rapidly expanding its business with vehicle manufacturers and Tier I suppliers to the automotive industry.