JBM MA Automotive, part of the $ 1.2 billion (Rs 7,580 crore) JBM Group– the joint venture between Italy-based M.A group and JBM Auto – manufactures and markets full body skin panels and major BIW parts for the auto industry. The company has announced that its Italian partner has sold its entire share in the company and offered to terminate the JV.
According to JBM Group, M.A Group decided to exit the JV as it wanted to concentrate more in the European market and hence wished to exit the Indian operations. Despite the exit, JBM Group has stated that the joint venture will continue its operations in the country.