The new tri-party venture will be called Joyson Anand Abhishek Safety Systems Private Limited (JAASS). The merger of the two entities is subject to approval of the National Company Law Tribunal (NCLT).
Under the terms of the agreement, the shareholding structure of JAASS will be: JSS 65%, Anand Group 30% and Abhishek Group 5%, Anand Group said in a release.
“This joint venture will become a platform for our safety products business to broaden our product offerings in India and increase our market share in one of the fastest growing automotive markets in the world. Bundling our world-class capabilities and strengths, we are well positioned to significantly enhance mobility safety in India and to further contribute to saving lives.” said Guido Durrer, president and chief executive of Joyson Safety Systems.
Post-merger, JAASS will have four manufacturing facilities in India, one each in Pune, Maharashtra; Neemrana, Rajasthan; Kancheepuram, Tamil Nadu; and Manesar, Haryana. “JAASS is poised to become a leading supplier of safety-critical components such as airbags (all types- driver, passenger, side, curtain etc.), seat belts (front and rear) and steering wheels to all major OEMs in India and is projected to achieve a turnover of Rs 1000 Crores by 2023,” Anand Group said in a release.
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