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Last updated: 27 Sep, 2014  

Tata AutoComp and Magna enter into a Joint Venture

PR Newswire | 23 Sep, 2014
PUNE, India: Tata AutoComp Systems Limited (Tata AutoComp) and Magna International Inc. have signed a 50/50 Joint Venture agreement to provide seating systems to the Indian commercial vehicle industry. The JV will be focused on delivering innovative seating systems to commercial vehicle manufacturers as well as buses.

Ajay Tandon, MD & CEO of Tata AutoComp Systems Limited said, "Tata AutoComp has always been the front runner in offering cutting edge technologies to its customers through its partners. This partnership with Magna will expand our portfolio to now bring the latest in seating systems to the Indian commercial vehicle industry."

Arvind Goel, President and Chief of Operations and New Technology, Tata AutoComp Systems Limited added: "Seating systems in commercial vehicles have not yet evolved in India. With the rapid increase in infrastructure, we envisage more and more vehicles plying long distances. In such a scenario, the safety and comfort of both driver and passengers is paramount. Through this JV, we intend to address this increasing need of the industry."

Mike Bisson, President of Magna Seating said, "We are pleased to partner with Tata AutoComp Systems Limited, a leading player in the India auto-component industry. The combination of Magna's seating expertise and Tata AutoComp's knowledge of the Indian market provides both companies an opportunity for growth in the commercial vehicle market."

"Leveraging our expertise in automotive seating and delivering it to the commercial vehicle market in India is an important part of our global growth strategy," said Deepak Nagaraja, Vice President of Magna Seating. "We believe this market offers a great deal of opportunity and we look forward to working together with Tata AutoComp to capitalize on the potential."

The JV will be headquartered in Pune, Maharashtra, India and will supply seating systems to customers in India.

About Tata AutoComp Systems Limited

Tata AutoComp Systems Limited (Tata AutoComp), promoted by the Tata Group, provides products and services to the Indian and Global automotive OEMs as well as Tier 1 suppliers. Tata AutoComp has own capabilities in Automotive Interior & Exterior Plastics, Composites, Sheet Metal Stampings as well as Engineering and Supply Chain. Tata AutoComp has 4 joint ventures in partnership with leading companies from the Global Auto Component Industry through which it manufactures and markets automotive components and systems like engine cooling solutions, automotive batteries, rear view mirrors, command systems, HVAC and suspensions for heavy commercial vehicles. Tata AutoComp has 29 manufacturing facilities spread across India including one in China.

About Magna International Inc.

Magna is a leading global automotive supplier with 317 manufacturing operations and 83 product development, engineering and sales centres in 29 countries. Magna has over 130,000 employees focused on delivering superior value to its customers through innovative products and processes, and World Class Manufacturing. Magna's product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Common Shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE "FORWARD-LOOKING STATEMENTS" UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA'S REGULATORY FILINGS. PLEASE REFER TO MAGNA'S MOST CURRENT MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA'S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA'S WEBSITE AT WWW.MAGNA.COM.

For further information:

Mr. Shvetal Diwanji
Vice President Corporate Communications
Tata AutoComp Systems Limited
Ph: +91-20-66085119
Mob: +91- 9604400266
shvetal.diwanji@tacogroup.com

Mrs. Tracy Fuerst
Director Corporate Comm & Media Relations
Magna International Inc.
Ph: 248-631-5396
tracy.fuerst@magna.com

Mr. Vishwajeet Ganpate
Edelman
9923599988

 
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