India's Tata AutoComp, Owens Corning in joint venture
BOMBAY, Aug 9 (Reuters) - India's Tata AutoComp Systems Ltd (TACO) and Owens Corning Inc of the U.S. have signed a joint venture agreement for making moulded composites components for automotive customers in India and abroad, the Tata Group said on Monday.
``TACO and Owens Corning plan to invest 240 million rupees and will initially set up two plants, one at Pune (in the western state of Maharashtra) and the other at Jamshedpur (in the eastern state of Bihar)....with commercial production scheduled for 2001,' the Group said in a statement.
TACO is an unlisted company in the Tata Group, India's biggest business conglomerate. The joint venture will be called Composites Systems Pvt. Ltd.
``Significant areas of possible replacements of traditional parts of buses, trucks, three-wheelers and agricultural vehicles have already been identified as opportunities for the joint venture,' the statement said.
Composites are used in making automobile components like fenders, bumpers, doors, engine valve covers, roof liners and battery trays, it said.
``Owens Corning is committed to bringing our global resources and expertise to provide composites solutions to the Indian automotive industry to help increase the usage of composites in this industry,' Peter Garforth, marketing vice president of Owens Corning's Composites Systems Business, said in the statement.
Owens Corning already operates in India and makes glass fibre reinforcements in a joint venture.
Owens Corning (India) Ltd is owned 50 percent by Owens Corning Inc, 26 percent by Indian tractor and utility vehicles maker Mahindra & Mahindra Ltd and 24 percent by American International Group, Inc (NYSE:AIG - news).
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