Tractors and farm equipment manufacturer TAFE Ltd has acquired FAURECIA, an interior business group of the French global automotive supplier FORVIA, the company said on Friday. 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. The operations in Tamil Nadu is expected to stop 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 continue to support TAFE and its customers with design capabilities, a statement said.
“TAFE is encouraged by the strong synergistic opportunities that this 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,” he said.
With complementary capabilities coming together, TAFE would offer enhanced value proposition to its customers that include product design, precision tooling design manufacture and superior quality that TAFE has been recognised for, the statement said.
