Chennai
Brakes India’s Joint venture (JV) partner - ZF Friedrichshafen AG (ZF) agreed to divest its entire shareholding in Brakes India to its majority partners. ZF had earlier acquired WABCO Holdings, Inc. ZF divested its entire shareholding to T V Sundram Iyengar and Sons Private Limited, Sundaram Finance Holdings Limited, India Motor Parts and Accessories Limited and Flometallic India Private Limited. Brakes India was founded in 1962 as a joint venture entity with T V Sundram Iyengar and Sons Private Limited (TVS) as the majority partner. ZF will continue its technology license and supply agreements with Brakes India.
T V Sundram
Iyengar & Sons Private Limited (TVS), established in 1911 is the holding
company of the TVS Group of the company and is a leading automobile
distribution company in India.
Sundaram Finance
Holdings Limited (SFHL) is a public limited company listed on National Stock
Exchange of India.
India Motor
Parts and Accessories Limited (IMPAL), an affiliate of TVS is a public limited
company, and its shares are listed in National Stock Exchange.
Flometallic
India Private Limited (FIPL), is an affiliate of TVS having its registered
office in Chennai. FIPL is engaged in the manufacture of iron castings,
predominantly for the automotive industry.
Brakes India
is a leading supplier of braking systems in the Indian market and a global
supplier of ferrous castings.
Source:
Brakes India Press Release
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