New joint ventures will be known as Federal-Mogul Anand Sealings India Limited and Anand I-Power Limited. Back in 1978, both companies began joint operation of an engine bearings manufacturing facility in Parwanoo, Himachal Pradesh, India. Since 2008, it is known as Federal-Mogul Bearings India Limited.Federal-Mogul Anand Sealings India and Anand I-Power joint ventures announced
The coming together of Federal Mogul’s tech, research and development capabilities, global customer relationships and advanced manufacturing operations, with Anand’s access and knowhow of local customers and suppliers, and expertise in human resource management and development, paves a bright future for the joint ventures.
Andreas Kolf, Vice President and Managing Director for Federal-Mogul Powertrain, India says both countries have long-standing strategic partnership with Anand India spanning decades. The association has helped establish Federal-Mogul as a leading supplier of bearings in India. Expansion in Federal-Mogul Anand Sealings India further strengthen the company’s stand as a leading supplier of engine components in India, a growing and key market.
Identical to Bearing joint venture, Federal-Mogul Powertrain will hold 51 percent stake of Federal-Mogul Anand Sealings India JV. Anand and smaller shareholders will own 49 percent of the JV. Anand will hold more than a majority stake in the piston ring, Anand I-Power Limited JV. The agreement lets both businesses compete both locally and globally, and increase market share going forward says Mahendra K Goyal, Anand Group President – Aftermarket and Business Group III.
Anjali Singh, Chairperson of Anand Supervisory Board says with Federal-Mogul Powertrain being a global leader in engine parts business, the partnership helps all 3 JV’s offer best tech and best practices to automotive and industrial engine OEMs in India with an aim to attain leadership positions for these three businesses, and improve its value offering to stakeholders.