ZF Friedrichshafen AG (ZF), a successful joint venture partner for Brakes India for over five decades, has agreed to divest its entire shareholding in Brakes India to T V Sundram Iyengar and Sons Private Ltd., Sundaram Finance Holdings Ltd., India Motor Parts and Accessories Ltd. and Flometallic India Private Ltd. The move comes in the wake of ZF’s acquisition of WABCO Holdings, Inc. which resulted in a competitive situation, hence making the divestment the best decision for all parties involved. Despite the development, ZF will continue its technology license and supply agreements with Brakes India.
Brakes India was founded in 1962 as a joint venture entity with T V Sundram Iyengar and Sons Private Ltd. (TVS) as the majority partner. The company is a leading supplier of braking systems in the Indian market and a global supplier of ferrous castings. It has a strong in-house R&D capability, world class manufacturing and supply chain operations with a reputation of providing high quality products. Over five decades, Brakes India has localized and assimilated global technologies through technology transfers. Brakes India is confident of fulfilling all obligations to customers and suppliers on existing and new businesses.