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The Indian arm of global automotive seating player, Adient India, on Wednesday formed a joint venture with Arvind Ltd to develop, manufacture and sell automotive fabrics in India. The joint venture -- Adient Arvind Automotive Fabrics -- will have its manufacturing base in Ahmedabad.
Adient will hold majority stake in the JV company with a 50.5 per cent share, and expects the joint venture to be included in its consolidated financial statements. Arvind and Adient will each have representation on the board of directors of Adient Arvind Automotive Fabrics. The joint venture company will provide Indian and global automakers unrivalled product quality and innovative solutions in fabrics, enabling them to deliver new levels of comfort, aesthetic variety and design versatility to end-users in India, the two companies stated in a joint statement here.
"Combining Adient’s global fabric design and technological resources with Arvind’s extensive manufacturing capabilities will enable us to accelerate the pace at which we bring innovative automotive fabrics products to market in India," said Jef Vercammen, Vice-President, Global Fabrics, at Adient. "We are transforming our business quickly through technologies and partnerships that enable us to explore and create new opportunities across our business divisions," said Punit Lalbhai, Executive Director, Arvind Ltd.
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