JBM Auto on Monday said it has entered into a joint venture agreement with Italy-based Magnetto Automotive SPA for manufacturing body structures for four wheeler original equipment manufacturers (OEMs) in Pune region.
A new joint venture company has been incorporated in the name of JBM Magnetto Automotive Pvt Ltd and facilities are established at Chakan in Maharashtra, the company said in a filing to the Bombay Stock Exchange.
JBM Auto along with the Italian firm would manufacture welded parts and sub systems for four wheeler OEMs in Pune region namely TATA, Fiat TATA and Volkswagon group, it added.
Magnetto SPA is a major supplier of upper and lower body structures, inner and outer panels, doors and Lid systems.
The company said it has entered into another JV agreement with Sandhar Technologies to form a consortium for operating and maintaining the tool room and technical service centre of Pithampur Auto Clusters Ltd (PACL).
Consortium of JBM Auto and Sandhar Technologies Ltd has been awarded the work of operating and maintaining the tool room and technical service centre of PACL at Indore.
Source : TET
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