ZF Friedrichshafen AG completes divestment of full stakes in Brakes India

ZF will continue its technology license and supply agreements with Brakes India.

Jun 23, 2021 03:06 IST India Infoline News Service

ZF Friedrichshafen AG has completed the divestment of full shareholding in Brakes India. 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 Limited (TVS) as the majority partner. Recently, joint venture partner ZF Friedrichshafen AG (ZF) acquired WABCO Holdings, Inc and due to the resultant competitive situation, ZF agreed to divest its entire shareholding in Brakes India to T V Sundram Iyengar and Sons Private Limited, Sundaram Finance Holdings Limited, India Motor Parts and Accessories Limited and Flometallic India Private Limited.

Brakes India 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.

On NSE, Sundaram Finance Holdings ended at Rs73.25 per piece down by 2.5%. On the contrary, India Motor completed at Rs799 per piece up by 3.1%. 

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