CHENNAI, Aug 17: Marking its foray into composite domain, Sundaram Finance Holdings Limited (SFHL), a holding company of TVS group entities, today entered into a strategic partnership with the Italy-based MIND S.r.l. (MIND), an automotive component manufacturer in the composite materials space.
The TVS group has a broad range of investments in automotive ancillary companies and global revenues in excess of USD seven billion.
SFHL has taken a minority participation in order to support the expansion of MIND, based at Bologna in Italy, in the rapidly growing composite materials space across industries.
The transaction will be completed subject to regulatory approvals, a SFHL release said here.
Globally, as automakers look for solutions to lightweight their vehicles, they were increasingly turning to high-strength materials such as composites, which has been extensively used in motorsport and luxury vehicles.
There has been an increasing trend to leverage these materials in mass production and electric vehicles due to the benefits in energy-efficiency.
This strategic investment in MIND would enable SFHL to facilitate sharing of manufacturing excellence, systems and automation, together with MIND’s composite manufacturing expertise.
SFHL Director Srivats Ram said “the partnership with MIND is the first step for our group to enter the composite domain where weight reduction is becoming more and more important in the whole automotive and industrial domains.”
”We believe that our vast experience in automotive, large volume part manufacturing and low-cost automation will help enhance the adoption of composites”, he added.
MIND CEO and Founder Francesco Varrasi said “we are excited to start the partnership with Sundaram Finance Holdings and leverage the group’s global footprint, their expertise in the automotive industry and gain a partner with a strong footprint in India.”
”This can complement our capabilities and help us expand and strengthen our business in composite part manufacturing”, he said, adding, the new partnership will allow to complete the full set of innovation we have in progress which will give MIND a significant technological boost, to help following the growing demand and need expressed by the existing customers”. (UNI)
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