Leading Indian automotive supplier Anand Group is understood to be likely entering into a joint venture with Federal Mogul Corporation for manufacture of engine components like piston rings and gaskets. The joint venture agreement is slated to be signed in early March.
The Group already has one joint venture with the American company – Federal Mogul Bearings India – set up in 2008. The company was originally established as Gabriel Engine Bearings Division in 1978 and manufactures a complete range of bi-metal copper lead and aluminium tin bearings, bushes, flanges and thrust washers.
The proposed joint venture will derive synergies with group company Anand I-Power which is a leading manufacturer and preferred supplier of piston rings in India and also manufactures plates and piston ring castings. Established in 1976, it supplies automotive piston rings to leading OEMs as well as the replacement market. At present, Anand I-Power exports nearly 55 percent of its product range in overseas markets.