Abhishek Auto industries Limited, the countrys first and leading seat belt manufacturer with
Proximately 40 per cent market share and revenues in excess of Rs.100 crores , announced a
Joint venture with KSS (key safety system), a leader and innovator in global automotive safety
System and component .KSS is a US$ 1billion MNC specialising in seat belts, steering
wheels and airbags ,headquarter in Detroit,USA. Under the terms of agreement of the JV,KSS
is acquiring a 50 percent stake in Abhishek Auto industries limited will be renamed as KSS
Abhishek safety system Pvt Ltd. The balance equity will existing shareholders of Abhishek
auto industries limited.
The Joint Venture plan also includes an investment approximately US$20 Million
Over the next few years, expanding upon the existing world class design, testing, and
Manufacturing facilities to add new steering wheel and air bag capabilities. By 2008 end,
KSS Abhishek safety system will start manufacturing airbags making KSS Abhishek safety
System the first Indian company manufacturing all three safety components- Safety seat belts,
Steering wheels and airbags-as one entity under one roof." Tying up with KSS not only gives
us access to latest technologies innovations globally but also to KSS global client base. We
also get exposed to global best practice and a chance to move up the value chain. Said" Dhiraj
Dhar Gupta, Director, Abhishek auto industries Representing KSS first major investment in
India. It is expected that the India facility will be tighty connected with the KSS global
Technology centre in Detroit, Frankfurt and shanghai working together in concert to execute
Global programmes. The expected revenues from the new entity in the first full year of
Operation ie.; 2008-09 would be around Rs.150 Crores. The largest revenues in the third year
2010-2011 is around 250 crores.
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| Posted : 2/27/2008 |
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