In a recently concluded deal, Tractors and Farm Equipment Ltd. (TAFE), an international tractor major with a well-established engineering plastics business, supplying exterior and interior automotive engineered plastic components as a full service provider to the automotive industry in India, acquired FAURECIA’s Indian interior business of Group FORVIA, serving major automotive customers that include Mobis-Kia, Mobis-Hyundai, Volkswagen, FCA and TATA.
The deal covers FAURECIA’s operations at Chakan – Maharashtra, Anantapur – Andhra Pradesh and Tamil Nadu. The transaction with respect to Chakan and Anantapur has been completed and the Tamil Nadu operation is expected to be concluded shortly.
The integration of TAFE’s plastics business with FAURECIA’s interior systems business offers synergistic benefits to all its customers. TAFE’s current customers include Toyota, TVS Motors, Hyundai, Kia, Renault Nissan and GE Medical Systems. TAFE with its state-of-the-art tool room possesses world-class tool design and production capability. FAURECIA, as a part of this deal, will continue to support TAFE and its customers with the acclaimed FAURECIA design capabilities. With complementary capabilities coming together TAFE will now offer an enhanced value proposition to its customers that includes cutting edge product design, precision tooling design and manufacture, and superior quality, that TAFE has been recognized for.
Mallika Srinivasan, Chairman & Managing Director – TAFE, said: “TAFE is encouraged by the strong synergistic opportunities that this acquisition offers. 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”.