Abhishek Auto enters into a JV with Global Auto Component Major - The US $ 1 billion KSS (2007-10-24)
Abhishek Auto Industries Limited, the country’s first and leading Seat Belts manufacturer with approx. 40% market share and revenues in excess of Rs. 100 crore, today announced a joint venture with KSS (Key Safety Systems), a leader and innovator in global automotive safety systems and components. KSS is a US $ 1 billion MNC specialising in seat belts, steering wheels and air bags, headquartered in Detroit, USA.
Under the terms of agreement of the JV, KSS is acquiring a 50% stake in Abhishek Auto Industries Limited and post the JV Abhishek Auto Industries Limited will be renamed as KSS-Abhishek Safety Systems Pvt. Ltd.The balance equity will continue with the existing shareholders of Abhishek Auto Industries Limited.
