WABCO Increases Stake In Indian Joint Venture
Published:04-June-2009
By Staff Reporter
WABCO Holdings, a supplier of safety and control systems for commercial vehicles, has raised its ownership stake to 75% in its joint venture, WABCO-TVS (India).
The Piscataway, New Jersey-based company has also transferred its holding in Sundaram-Clayton to the TVS Group, which contains the non-brakes business of its Indian joint venture.
The move would help WABCO reinforce its presence in India and grow in all emerging markets across the globe. The company increased its equity investment to 75% from 39.2% in WABCO-TVS (India), shares of which are publicly listed in India on the Sensex and National Stock Exchange.
Jacques Esculier, Chairman and CEO, WABCO, said: “Taking majority control of this world-class, award-winning company marks another major step in expanding WABCO’s global network of manufacturing, sourcing and engineering capabilities, while enhancing WABCO’s already broad and successful footprint in Asia.”
