Luman Industries Ltd. has joined hands with Hengst SE & Co. KG, a leading manufacturer of automotive filters in Germany, to set up a joint filtration technology venture under an agreement signed by Mr. A.S. Sethi, its Managing Director, and Dr. Robert Stoesser, Chief Executive Officer (CEO) of the German firm.
The agreement signing was followed by a press conference attended by industrialists, critics and media professionals. The merger is aimed at strengthening the OEMs in India. Daimler India (Bharat Benz) will be the first beneficiary in this regard.
Much impressed with the long-awaited bonding, Mr. J.S. Sethi, Director of Luman Industries Ltd., said: “To support the ‘Make in India’ campaign of the Government of India, we are going to cater to the Indian passenger cars and commercial vehicles market with world-class environment-friendly filtration technology. Daimler India (Bharat Benz) is going to be our first endorser in this regard. The expected investment in this JV for the next 5 years would be around Rs. 300 crores. Hensgt-Luman will allocate 2 to 3 production facilities for this venture.”
Dr. Robert Stoesser, Chief Executive Officer, Hengst SE & Co. KG, Germany, said: “We make environment-friendly products and are also leader in filtration modules solutions. We supply our products to leading automotive customers around the globe.”