IAI Iinks JV With Sogefi Group

PUNE: Imperial Auto Industries, a leading player in automotive tubing sector in India has inked a JV with Allevard Rejna Autosuspensions, one of the Sogefi Group companies engaged in the manufacturing of elastic automobile suspension elements. Allevard - IAI Suspensions Pvt. Ltd., a 51:49 joint venture between Allevard Rejna Autosuspensions and Imperial Auto Industries has been floated to manufacture elastic suspension components for the Indian and International automotive companies in India. Commenting on the JV Emanuele Bosio, Chief Executive of Sogefi Group, said, “The new joint-venture is an important step in the development and growth of Sogefi presence in this important market. We are extremely pleased to work with Imperial Auto Industries to achieve our objective to become one of the main producers of suspension components in India, a car markets with one of the highest growth prospect for coming years Jagjit Singh, Chairman, Imperial Auto Industries expressed happiness by saying, “Our experience of past 40 years in the Indian Automotive Industry and the technical expertise of Allevard, together, will bring out the best in automotive suspensions for auto manufacturers”. The JV will initially undertake manufacturing of stabilizer bar and torsion bar for passenger cars and utility vehicles. These two components form the most critical parts of suspension system. The new JV will immediately start the production from the current month itself from one of the existing manufacturing facilities of IAI in Pune and will simultaneously start the process of setting up a state-of-the-art production unit based on European standards. Investments worth Rs.25 Cr shall be made in setting up this plant, which is likely to be operational by the mid of year 2011. “We have chosen Pune, as a base of manufacturing of this JV, since this location not only give us an advantage of being closer to our current clientele but also offers growth potential it being a strong automotive hub”, said Aman Mehtani, Managing Director, Allevard - IAI Suspensions Pvt. Ltd.