Business Daily from THE HINDU group of publications
Thursday, Aug 31, 2006

Cross Currency

Group Sites

Corporate - Alliances & Joint Ventures
Indo Asian forms venture with Spanish co Simon

Our Bureau

Indian partner to hold 51% stake in the new entity

New Delhi , Aug. 30

Delhi-based Indo Asian Fusegear Ltd (IAFL) has forged a joint venture with Simon of Spain to manufacture wiring accessories and home electricity automation products.

In the new entity, Asian Simon Pvt Ltd, the Indian partner will hold 51 per cent stake while Simon will hold the rest.

Plant in Haridwar

The new company will invest Rs 30 crore in the first phase for setting up a manufacturing plant in Haridwar, Uttaranchal.

"Apart from our existing facilities in Haridwar, we have acquired additional land in the city for setting up a new plant. The production will commence from the 2007-08 fiscal," said Mr V.P. Mahendru, Chief Managing Director, IAFL.

Asian Simon Pvt Ltd will manufacture and market products that would include `Intelligent Building' and automation products. Such automation equipment can be pre-programmed as per individual requirements. It can switch on and off the lights, heating system, air conditioners as per programme logic embedded in the system.

These products can be controlled from remote locations by mobile phones and landline phones. These products will be marketed in India and the SAARC countries.

"The creation of this joint venture will be a significant milestone in our country with the fast developing economy of India. This win-win partnership will also leverage the resources and expertise of both companies to serve the global operations of Simon and Indo Asian," said Mr Xavier Torra, Managing Director, Simon.

Simon is 300-million electrical equipment manufacturing company with manufacturing facilities in France, Portugal, Mexico, Brazil, Argentina, Morocco, Turkey, Poland, Russia and China. IAFL is targeting a turnover of Rs 325 crore for the current fiscal.

More Stories on : Alliances & Joint Ventures | Electrical Goods

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Sagar Cements plans pref offer

PTL rejects arbitration
When does private turn public?
Norway court favours Ranbaxy on atorvastatin
HC confirms SIV Ind's mines, stock sale
Essel Propack to acquire CavinKare's packaging arm
India Pistons may merge IP Power with itself
United Phosphorus to buy Bayer CropScience's products
Escorts to divest stake in Carraro
NCL Ind approves Deloitte's valuation
Ensuring `faithful representation' in financial reports
Alok Ind plans more exclusive stores
Mantri super premium apartment ready
SAIL urged to complete expansion ahead of schedule
Microsoft to set up centre for Vista migration in India
`No exemption from Clause 49 compliance'
HCG ties up with Ramaiah hospital
Poly Medicure scouting for strategic partner
Indo Asian forms venture with Spanish co Simon
Sanofi grant to Isha Foundation
ACE plans overseas acquisition
BMW to begin production in India early next year
Cos witness growth in profit margins
Sharma frontrunner for ONGC Chairman post

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line