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TVS Group auto parts maker Brakes India has said its joint venture partner ZF’s divestment of entire shareholding in the company has been completed.
Brakes India was founded in 1962 as a joint venture between TV Sundram Iyengar and Sons Private Ltd (TVS) and ZF Friedrichshafen AG (ZF) of Germany.
Recently, ZF acquired WABCO Holdings, Inc and due to the resultant competitive situation, ZF agreed to divest its entire shareholding (about 49 per cent) in Brakes India to TV Sundram Iyengar and Sons Private Ltd, Sundaram Finance Holdings Ltd, India Motor Parts and Accessories Ltd (IMPAL) and Flometallic India Private Ltd, according to a statement.
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In March this year, IMPAL said it would acquire some stake of ZF in Brakes India for a consideration of ₹70 crore.
License & agreements
Having successfully worked together for over five decades, ZF will continue its technology license and supply agreements with Brakes India, which is a leading supplier of braking systems in the Indian market and a global supplier of ferrous castings.
It has a strong in-house R&D capability, world class manufacturing and supply chain operations with a reputation of providing high quality products. Over five decades, Brakes India has localised and assimilated global technologies through technology transfers.