Tractors and farm equipment-manufacturer TAFE Ltd. on Friday said the company has acquired FAURECIA, an interior business group of the French global automotive supplier FORVIA, for an undisclosed sum.
The deal covers operations of FAURECIA in the States of Maharashtra, Andhra Pradesh and Tamil Nadu. Transactions with respect to operations at Chakan in Maharashtra, and Anantapur in Andhra Pradesh have been completed while the transactions in Tamil Nadu are expected to be over shortly, said TAFE.
The integration of plastic business of TAFE with interior systems of business of the French company offers synergistic benefits to customers. Under the deal, FAURECIA would support TAFE and its customers with design capabilities, a statement said here.
"TAFE is encouraged by strong synergistic opportunities that the acquisition offers," said chairman and managing director of the company Mallika Srinivasan.
"We value our relationship with our customers and thank them for the encouragement and support, and will like to reiterate our commitment to our customers towards the highest standards of design quality and service," she said.
With its complementary capabilities, TAFE would offer enhanced value proposition to its customers that include product design, precision tooling, design manufacture and superior quality for which the company has been recognised, the statement said.