New Delhi--Woco group has reportedly set up a joint venture with Indian wiring harness manufacturer, Motherson Sumi Systems Ltd. Initially, the venture is controlled by the Indian partner, but financial plans given in the Hindu Business Line indicate that Woco will soon own two-thirds of the equity in the joint venture.
The venture has a provisional name: Woco Motherson Advanced Rubber Technologies Ltd and is likely to make rubber-to-metal components and rubber-to-plastic parts aimed for export to car makers in Europe and China. The plant, located in the Kandla special economic zone, is due on stream in April 2005.
The same report suggested that the Indian company is in the process of buying a bankrupt factory in Europe, in order to outsource the work from the factory back to Motherson plants in India.
Motherson Sumi and Woco already have a joint venture company, Woco Motherson Ltd, making moulded parts in silicone rubber.
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Hindu Business Line (India) story
Website of Woco Motherson Ltd