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The New Delhi-based automotive lighting company Neolite Industries announced a joint venture (JV) agreement with Austrian company Zizala Lichtsysteme GmbH. The Austrian company will initially pick up 26 per cent stake with an option to increase it to 40per cent in Neolite group for an undisclosed amount. As per the agreement, the entire existing automotive lights operation business of Neolite will be integrated with the JV company that would be known as Neolite ZKW Lightings Pvt Ltd. The production of lamps for passenger car and trucks would start at a new plant that would be operational by 2009 with an annual capacity at 2.5 million units.
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| Posted : 2/27/2008 |
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