US-based auto component maker Johnson Controls today said it has bought out its Indian partner Tata Automotive Components from their joint venture for an undisclosed sum.
Johnson Controls has acquired full ownership of Tata Johnson Controls (TJC),a 50:50 joint venture between Tata Automotive Components (TACO) and Johnson Controls,the company said in a statement.
The final transfer of the 50 per cent share held by TACO has taken place after completion of all formalities. Both parties agreed not to disclose the purchase price,it said.
TJC is a supplier of automotive seat systems and components in India,serving most major original equipment manufacturer in the market.
Commenting on the development,Johnson Controls Automotive Experience India President and Chief Executive Officer Paul Chawla said: “India is an emerging market and part of Johnson Controls’ global strategy for sustainable growth. We are strongly committed to continue to invest in our Indian business.”
The company said 11 locations across India,including an engineering centre in Pune,and approximately 2,100 employees are associated with the transaction.
Johnson Controls will leverage its automotive seating,electronics and interiors businesses for its India operations,the company said,adding it would continue to develop its engineering expertise at the new Technical Center in Pimpri.
“In addition Johnson Controls plans to expand its prototype and testing capability for the India region,” it said.
Johnson Controls has operated in India since 1995.