The purchase of Group Forvia’s Indian interior business by Tractors and Farm Equipment Limited (TAFE), which serves major automakers including Mobis-Kia, Mobis-Hyundai, Volkswagen, FCA, and TATA, was announced.
The newly finalised agreement encompasses Faurecia’s activities in Tamil Nadu, Anantapur, and Chakan in Andhra Pradesh and Maharashtra. According to a TAFE statement, the deal involving Chakan and Anantapur has been completed, and the operation in Tamil Nadu is anticipated to be finished soon.
All of the company’s clients, which at the moment include Toyota, TVS Motors, Hyundai, Kia, Renault Nissan, and GE Medical Systems, will benefit from the combination of TAFE’s plastics business with Faurecia’s interior systems business.
TAFE has a cutting-edge tool room and top-notch production and design capabilities for tools.
As part of the agreement, Faurecia will continue to offer its renowned design talents to TAFE and its clients. TAFE will now provide its clients with an expanded value offering that encompasses cutting edge product design, precision tooling design and production, and outstanding quality, for which TAFE has long been known. This is made possible by the combination of its complementary strengths.
The tremendous synergistic prospects that this purchase presents, according to TAFE Chairman and Managing Director Mallika Srinivasan, are encouraging.
“We value our relationship with our customers and thank them for the encouragement and support and would like to reiterate our commitment to our customers towards the highest standards of design quality and service. Technology, innovation and manufacturing excellence will drive our journey forward”, she said.
