New Delhi, August 2, 2012: The Krishna Group, which manufactures eight automobile interior products with over 100 different models, is to set up a joint venture project with Landi Renzo SpA, a global leader in the alternate fuel vehicles sector. The Rs 60-crore JV will manufacture the kits at Manesar, Gurgaon with the first batch entering the Indian market in November 2012. The two companies signed the JV agreement on July 30 in New Delhi. Chief guest R C Bhargava, chairman of Maruti Suzuki India, said: “We look forward to the successful launch of a major new initiative in the alternate fuels industry. It will work towards selling alternate energy for OEMs and contribute in its own way to reduce the oil import burden over a period of time”.
The meeting was attended by Carlo Gardella, CEO of Landi Renzo and Lovato India; Claudio Carnevale, Landi Renzo Group CEO; Carlo Alberto Pedroni, CEO, Lovato, Devanshu Lamba, marketing manager, Landi Renzo India; Ashok Kapoor, Krishna Group chairman; Parvesh Soni, CEO, Krishna Maruti; and RC Bhargava, chairman, Maruti Suzuki India.
Given the current situation of extremely high petrol prices and the likelihood of diesel prices being hiked, there is considerable consumer interest in alternate fuels like CNG and LPG. OEMs too are evincing keener interest in sourcing kits to provide them as factory-fitted options in their models.