Anand India and Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation, have entered into an agreement to convert the Sealing and Piston Ring businesses of Anand into joint venture operations known as Federal-Mogul Anand Sealings India Ltd. and Anand I-Power Ltd.
In 1978, the companies began joint operation of an engine bearings manufacturing facility at Parwanoo in Himachal Pradesh known since 2008 as Federal-Mogul Bearings India Ltd.
Combining Federal Mogul’s state-of-the-art technology, research and development capabilities, global customer relationships and advanced manufacturing operations with Anand’s deep access to local customers and suppliers, and expertise in human resource management and development, will ensure a bright future for the joint ventures.
“We have had a long-standing strategic partnership with Anand India for several decades. The symbiotic relationship has helped to establish us as a leading supplier of bearings in India. This expansion into sealing products will further strengthen our position as a leading supplier of engine components in India, which is a key and growing market for us,” said Andreas Kolf, Vice President and Managing Director for Federal-Mogul Powertrain, India.
Identical to the already existing bearing joint venture, Federal-Mogul Powertrain will hold a 51 per cent stake in the new sealing joint venture, and Anand, along with smaller shareholders, will own 49 per cent of the operation. Anand will hold more than a majority stake in the piston ring joint venture.
“This agreement will create a platform for the businesses to compete both locally and globally and increase the market share going forward,” said Mahendra K. Goyal, Anand Group President – Aftermarket and Business Group III.
Mrs. Anjali Singh, Chairperson of the Anand Supervisory Board, said: “With Federal-Mogul Powertrain being a global leader in the engine parts business, this partnership will help the three joint ventures offer state-of-the-art technology and best practices to all automotive and industrial engine OEMs in India. The main aim of this strengthened JV partnership between Federal-Mogul and Anand is to help attain leadership positions for these three businesses in their respective product lines and improve its value offering to all of its stakeholders.”