Magneti Marelli have established a joint venture in India with Unitech Machines Limited. The Italian company will have 51% stake in the new company while 49% of the stake will be owned by Unitech. The JV is expected to be operational within the next six months.
Unitech Machines will invest US$9m to set up a facility in Manesar (India) for the new venture. The JV will design, produce, and assemble vehicles and electronic components such as instrument clusters, body electronics, and telematic devices.
Magneti have established five JVs in less than a year’s time in India. The company’s other partners in the country include Motherson Sumi, Endurance, Suzuki Motor Corporation and SKH for various components.
Through this partnership, the companies are targeting business from companies like Tata Motors, Fiat, Volkswagen, Maruti and Mahindra & Mahindra.