Global technology leader and tier-one suppler to the commercial vehicle industry WABCO Holdings Inc., said Tuesday that its subsidiary WABCO-TVS (India) Ltd., had signed an agreement with original equipment manufacturer Mahindra Navistar Automotives Ltd., or MNAL for the development and long-term supply of the air-compressor technology, products for braking systems and clutch servo technology with series production commencing soon.
MNAL is a joint venture in India between Mahindra & Mahindra Ltd., and Navistar Inc., with the former holding a majority interest of 51% and the balance 49% by Navistar.
The JV company manufactures commercial vehicles ranging from 3.5 to 49 tons in gross vehicle weight/gross combination weight. It has a manufacturing facility at Chakan near Pune and its products are currently sold under the trademarks of Cabking, Loadking and Tourister.
Belgium-based WABCO Vehicle Control Systems, with over 140 years experience, is a leading supplier of safety and control systems for commercial vehicles. It has pioneered breakthrough electronic, mechanical and mechatronic technologies for braking, stability and transmission automation systems supplied to the commercial vehicle industry. Its sales last year were $1.5 billion last year.
Mahindra Navistar Automotives Ltd., Managing Director Rakesh Kalra said: "Our commitment is to develop and deliver an entire spectrum of commercial vehicles that will benefit our customers in ways that until now are unseen and unheard-of in our industry. By partnering with WABCO-TVS in India for rigid trucks, we can create and sustain new value in the marketplace through technology-innovation that significantly enhances our products for local and export markets alike."
WABCO President-Asia Pacific Leon Liu said: "We are passionate about partnering with Mahindra Navistar Automotives, as we continue to contribute WABCO's pioneering engineering and highly reliable products while further growing our position in emerging markets through deep connectivity with customers, powered by our local people and capabilities. This agreement confirms WABCO's number one position in air-compression technology globally, particularly in India. It also enlarges WABCO's already broad and successful customer base in Asia."
WABCO-TVS (India) Managing Director P. Kaniappan said: "We are proud to partner with Mahindra Navistar Automotives as they move forward to grow their position in high-quality commercial vehicles in India and internationally. This significant new business with Mahindra Navistar Automotives further leverages the well-anchored leading position of WABCO-TVS in the local market and our ability to maximize value for our customers through improved vehicle safety, increased fuel efficiency and driver effectiveness."
WABCO-TVS shares at the BSE is presently trading at Rs.702.00, up by Rs.37.50 or 5.64 from the previous close. The scrip touched an intraday high of Rs.708.80 and a low of Rs.663.00.
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