Neolite Industries has signed a memorandum of understanding (MoU) with Austria-based ZKW Zizala Lichtsysteme GmbH to set up a joint venture company for manufacture of automotive lighting equipment. With revenues of 200 million euros from its auto lighting business alone, ZKW will take a minority stake in Neolite.
The Neolite group has been in the auto lighting business for over five decades and is one of India’s fastest growing companies in this segment. It meets the needs of over 25 OEMs both here and abroad.
Rajesh Jain, managing director, refused to divulge the exact equity participation by ZKW in his company. “I cannot disclose either that or the value that we have agreed upon till we sign the JV agreement. We will continue to manufacture at our existing plants but plan to set up at least two new modern units within 18 months. We are still working out the export and buyback commitments,” he told Autocar Professional.
ZKW is a leading premium segment OEM supplier of front lighting equipment in Europe. It is the preferred supplier of front lightings and LED lamps to top-end brands like BMW, Volvo, DaimlerChrysler, Audi, Porsche, GM etc in Europe.
The JV will make the latest and most advanced lighting for the auto industry which will cater to OEMs both in India and overseas. “Through this joint venture, our customers can access world-class lighting equipment which will meet global standards and can perform in demanding local conditions,” Jain said.
ZKW, he added, would benefit from the experience and strong position Neolite has in the Indian OEM segment and global presence in more than 85 countries. In its turn, Neolite will have access to the latest technology in automotive lighting including Xenon lamps, AFS system lamps and LED headlamps.
Neolite has five plants. Two more, one each in Uttarakhand and the special economic zone in Gurgaon, will add to the list. It makes 1500 different kinds of lighting products and has 200 customers worldwide. In the last year or so, a major portion of its turnover has come from Australia, Europe and the US. It is an OEM supplier to Piaggio in Italy, John Deere in Germany and a host of truck cabin makers. Exports (with home lighting) account for around 50 percent of business.
P THARYAN
Source: http://autocarpro.in/contents/NewsDetails.aspx?NewsID=234
The Neolite group has been in the auto lighting business for over five decades and is one of India’s fastest growing companies in this segment. It meets the needs of over 25 OEMs both here and abroad.
Rajesh Jain, managing director, refused to divulge the exact equity participation by ZKW in his company. “I cannot disclose either that or the value that we have agreed upon till we sign the JV agreement. We will continue to manufacture at our existing plants but plan to set up at least two new modern units within 18 months. We are still working out the export and buyback commitments,” he told Autocar Professional.
ZKW is a leading premium segment OEM supplier of front lighting equipment in Europe. It is the preferred supplier of front lightings and LED lamps to top-end brands like BMW, Volvo, DaimlerChrysler, Audi, Porsche, GM etc in Europe.
The JV will make the latest and most advanced lighting for the auto industry which will cater to OEMs both in India and overseas. “Through this joint venture, our customers can access world-class lighting equipment which will meet global standards and can perform in demanding local conditions,” Jain said.
ZKW, he added, would benefit from the experience and strong position Neolite has in the Indian OEM segment and global presence in more than 85 countries. In its turn, Neolite will have access to the latest technology in automotive lighting including Xenon lamps, AFS system lamps and LED headlamps.
Neolite has five plants. Two more, one each in Uttarakhand and the special economic zone in Gurgaon, will add to the list. It makes 1500 different kinds of lighting products and has 200 customers worldwide. In the last year or so, a major portion of its turnover has come from Australia, Europe and the US. It is an OEM supplier to Piaggio in Italy, John Deere in Germany and a host of truck cabin makers. Exports (with home lighting) account for around 50 percent of business.
P THARYAN
Source: http://autocarpro.in/contents/NewsDetails.aspx?NewsID=234
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