Tata AutoComp, an auto component player, has signed a Memorandum of Understanding (MoU) with Škoda Group. This agreement sets the framework for a strategic joint venture aimed at producing components for the growing Indian railway and public mobility market.
Tata AutoComp provides systems and components for Electric Vehicles, and this partnership aims to strengthen its capabilites in Railway, Metro and Bus Segments.
Arvind Goel, Chairman, Tata AutoComp said “This association with Škoda Group will further strengthen our presence by bringing the latest electrical equipment and components for Indian Railway, Metro and Bus market. We take pride in our partnership with Škoda Group, a company steadfastly dedicated to serving global markets with its diverse range of Railway Components”.
Strengthening Škoda Group's position in foreign markets and expanding its presence outside Europe – is one of the goals of the Škoda Group's business strategy, the press release noted.
On a similar note, Petr Novotný, President, Components and Bus Mobility, Škoda Group, said, “Our collaboration with Tata AutoComp Systems represents an exciting opportunity to enter the Indian railway and bus public mobility market. India's great potential, coupled with the skilled workforce and market demand, aligns perfectly with our group's growth strategy. Together, we will explore new opportunities and create innovative solutions to meet the developing needs of the Indian railway industry.”
In addition to supplying its own products, Škoda aims to expand its footprint in the rail and urban transport sectors.