New Delhi: Auto component-maker JBM Group on Tuesday said it has acquired the entire stake of its partner Thai Summit Group in equal joint venture -- Thai Summit Neel Auto (TSNA). (Agencies)
The 50:50 JV, which was incorporated in 2003, supplies automotive components to two wheeler and three wheeler original equipment manufacturers (OEM) in the country.
"We have acquired 50 percent stake of our partner—Thai Summit Group in the joint venture firm. As a result of this TSNA will now be known as Neel Auto Pvt Ltd, under the aegis of JBM group," JBM Group Executive Director Nishant Arya told reporters here.
He, however, did not disclose the financial details of the deal.
When asked about the impact on the sales target in the current fiscal after the stake buyout in the JV company, Arya said: "We are aiming at Rs 1,300 crore turnover from the company in the current financial year".
The company, had posted revenues of Rs 1,000 crore in 2011-12.
TSNA, which has six manufacturing facilities in the country, employs around 3,000 people and caters to customers like Bajaj Auto, TVS Motors and Honda Motorcycles and Scooters India (HMSI) among others.
The company manufactures various components, including fuel tanks, welded assemblies, tubular frames, guards and handle bars for two wheelers and three wheelers.
When asked if the company is looking at expanding the capacities across TSNA's facilities, Arya said: "We are looking at optimum use of the facilities...we want to see how we can provide maximum output from these facilities".
He added that JBM as a group is aiming for a 15 percent growth in the current fiscal.
The city-headquartered JBM Group employs around 16,000 people and has inters in various sectors including automotive, education and engineering services among others.
New Delhi: Auto component-maker JBM Group on Tuesday said it has acquired the entire stake of its partner Thai Summit Group in equal joint venture -- Thai Summit Neel Auto (TSNA).