TACO and Visteon Corporation sign joint venture agreement to set up two companies in Pune

JVs set to bring new technologies to India's rapidly growing automotive market

28 June 2005

Tata AutoComp Systems (TACO), among India's leading auto component manufacturers, and Visteon Corporation, the world's leading automotive supplier today announced their joint venture agreement to set up two 50:50 joint venture companies — TACO Visteon Automotive Products (TVAP) and TACO Visteon Engineering (TVEC). The joint venture companies are based in Pune, Maharashtra and are fully operational. Initially a total of US$12.5 million will be invested in the joint venture companies, followed by further investments in due course.

TACO Visteon Automotive Products (TVAP), a stand-alone entity will manufacture engine induction systems and lighting systems, catering to the domestic market, while TACO Visteon Engineering (TVEC) will provide CAD, CAE and other allied engineering services to Visteon's global operations.

TVEC is expected to garner business from Visteon Corporation's key customers from the United States and European markets. TVAP will utilise TVEC's engineering services to enhance its product design and development requirements.

The synergy derived out of the joint venture will help leverage the strengths of both partners in developing newer technologies and solutions to fulfill the requirements of the rapidly growing India's automotive market.

About TACO
Tata AutoComp Systems Ltd (TACO), India, promoted by the Tata Group, provides industry-leading products and services in the area of auto components to global automotive customers including Ashok Leyland, DaimlerChrysler, Fiat, Ford, General Motors, Honda, Hyundai, John Deere, Mahindra & Mahindra, Piaggio, Tata Motors, Toyota, and Volvo.

The company's capabilities span engineering, manufacturing and supply chain management. TACO has promoted various Strategic Business Units in partnership with leading companies from the global auto component industry. With 14 manufacturing plants, three engineering centres and three export-oriented units, TACO is rapidly expanding its business across a host of areas in auto components, with partners that include Chuo Springs Co, Faurecia, Ficosa, Johnson Controls, Knorr Bremse, Menzolit Fibron, MobiApps Holdings, Nifco, Owen Corning, Sungwoo Hitech, Stadco, Toyo Radiator, Yazaki Corp, and Yutaka Giken. Currently, TACO designs and manufactures a wide variety of components: these include aluminium radiators, brake discs and braking systems, coil springs, control cables, exhaust systems, plastic interior and exterior parts, rear view mirrors, seating systems, SMC parts and wiring harnesses.

About Visteon
Visteon Corporation is a leading full-service supplier that delivers consumer-driven technology solutions to automotive manufacturers worldwide and through multiple channels including the global automotive aftermarket. 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. Visteon has more than 30 manufacturing facilities in the Asia-Pacific region in China, Japan, Korea, Thailand, the Philippines and India.