ANAND signs a Tri-Party Joint Venture with Joyson Safety Systems and Abhishek Group
Published On: 4th June, 2019
ANAND Group is consolidating its presence in the Indian automotive safety systems vertical. It announced the formation of a Tri-Party Joint Venture to merge the two Joint Ventures of Joyson Safety Systems in India. KSS Abhishek Safety Systems which is a Joint Venture of JSS with Abhishek Group is being merged with Takata India. Takata India is a Joint Venture between ANAND Group and JSS. The new Tri Party Joint Venture will be called ‘Joyson ANAND Abhishek Safety Systems’. The merger of the two entities is subject to approval of the National Company Law Tribunal (NCLT).
Under the terms of the new Joint Venture agreement, ANAND Group will be increasing its stake to 30% in the combined entity JAASS from its current holding of 25% in Takata India. The new shareholding structure of JAASS will be: JSS 65%, ANAND Group 30% and Abhishek Group 5%.
Post this merger, JAASS will have four manufacturing facilities in India- 1) Neemrana, Rajasthan; 2) Kancheepuram, Tamil Nadu; 3) Manesar, Haryana and 4) Pune, Maharashtra. Manesar plant also houses a state-of-the-art R&D facility on par with any such facility globally. JAASS is poised to become a leading supplier of safety-critical components such as airbags (all types- driver, passenger, side, curtain etc.), seat belts (front and rear) and steering wheels to all major OEMs in India and is projected to achieve a turnover of Rs. 1000 Crores by 2023.