Global automotive seating major Adient and homegrown textile manufacturer Arvind Ltd today announced formation of a joint venture to develop, manufacture and sell automotive fabrics in India.
Adient is the majority stakeholder in the JV with 50.5 per cent share, rest being with the Indian partner.
The JV, Adient Arvind Automotive Fabrics, will be based in Ahmedabad, where it will manufacture high-end performance fabrics for automotive seating systems, the companies said in a joint statement.
"Combining Adient's global fabrics design and technological resources with Arvind's extensive manufacturing capabilities will enable us to accelerate the pace at which we bring innovative automotive fabrics products to market in India," Adient VP, Global Fabrics, Jef Vercammen said.
The JV will benefit from synergies between Adient and Arvind, each bringing industry-leading technology and design capabilities in their respective fields, the statement added.
Arvind Executive Director Punit Lalbhai said the partnership will leverage Adient's market presence and automotive expertise with Arvind's textile manufacturing capabilities to provide customers superior and high-quality automotive seating solutions.
He said Arvind is looking to extend textile manufacturing into newer frontiers outside of fashion and into various spaces like human protection, construction and transport.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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