May 29: Johnson Controls, the US-based component maker has bought out its Indian partner’s stake in its joint venture with Tata Automotive Components. The JV was a 50:50 venture and the announcement follows the final transfer of the 50 percent share held by Taco. The purchase price was not disclosed.
Tata Johnson is a supplier of automotive seating systems and its clientele included several well known OEMs in India.
“India is an emerging market and part of Johnson Controls’ global strategy for sustainable growth,” said Paul Chawla, president and CEO, Johnson Controls Automotive Experience India, “We thank them for their support in making TJC a leading seating systems company in India. We are looking forward to building on the successes of the partnership.”
Johnson Controls will leverage its automotive seating, electronics and interiors businesses for its India operations. According to a press release, the company will continue to develop its engineering expertise at the new Technical Center in Pimpri. In addition, it plans to expand its prototype and testing capability for the Indian market.