Brakes India, a leading supplier of braking systems in the Indian market and a global supplier of ferrous castings, has announced that its joint venture (JV) partner ZF Friedrichshafen AG has divested in the joint venture.
According to the company statement, the disinvestment was due to the resultant competitive situation after ZF acquired WABCO Holdings. Eventually, ZF agreed to divest its entire shareholding in Brakes India to T V Sundram Iyengar and Sons, Sundaram Finance Holdings, India Motor Parts and Accessories and Flometallic India. Having successfully worked together for over five decades with joint venture partners, ZF will continue its technology license and supply agreements with Brakes India, the release added.
Brakes India has a robust in-house R&D capability, world-class manufacturing and supply chain operations, and a reputation for providing high-quality products. Over five decades, the company has localised and assimilated global technologies through technology transfers.
NB: Photo is representational.