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Sundaram Industries and Japan's Bridgestone to set up JV company in Chennai Print E-mail
Written by Anand   
Friday, 05 December 2008
Bridgestone Concludes Joint Venture Agreement in Anti-vibration Rubber for Automobiles with India-based TVS Group

Chennai / Tokyo : Bridgestone Corporation ("Bridgestone") announced today that it has concluded an agreement to establish a joint venture in anti-vibration rubber for automobiles with Sundaram Industries Ltd., which has headquarters in Tamil Nadu, India, on December 3, 2008.

The new joint Venture company, Bridgestone TVS India Limited, is slated to be established by 2009 Spring (March or April) at Chennai, Tamil Nadu, India. The company will be set up with a capital investment of 358 million rupees (approx. ¥823million (1 rupee = ¥2.3) and is expected to create employment for 700 people.

Bridgestone Corporation will hold 51% in the new joint venture company while Sundaram Industries Ltd will hold 49%. The new company will be represented in India by Shigeo Ooki.

Bridgestone concluded a technical assistance agreement in anti-vibration rubber for automobiles business with Sundaram Industries Ltd. in 1996, and the two companies have built a close relationship over the years. Bridgestone believes the joint venture will enable the production and sale of high-quality products boasting technical superiority at a competitive cost in the expanding Indian market, and lead to an enhanced global supply chain.

Anti-vibration rubber for automobiles is used in the engine and chassis of an automobile to suppress noise and vibration, and thus contribute to a quieter, more comfortable driving experience. Bridgestone has production and sales sites in Japan, the United States, China and Thailand, and supplies anti-vibration rubber for automobiles to automakers with global operations.

Bridgestone Reinforces business foundations in India, where automobile demand is growing

Anti-vibration rubber for automobiles is one area that the Bridgestone Group has positioned for "concentration" business, which means that it will aggressively invest management resources into the business based on the key concept of globalization in order to reinforce business foundations.

As a member of the TVS Group, a prominent business group in India, Sundaram Industries Ltd. is a leading company of anti-vibration rubber for automobiles in India, where it has a high presence.

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