TAFE acquires Group Forvia's Indian interior systems business Faurecia

Tractors and Farm Equipment Ltd (TAFE) on Friday said it has acquired the Indian interior systems business of Group Forvia, a French global automotive supplier for an undisclosed sum.

The deal covers the operations of Faurecia, part of Forvia, at Chakan in Maharashtra, Anantapur in Andhra Pradesh and Tamil Nadu, the company said in a statement.

''The transaction with respect to Chakan and Anantapur has been completed and the Tamil Nadu operation is expected to be concluded shortly,'' it added.

TAFE, besides its tractors business, has an established engineering plastics business, supplying exterior and interior automotive engineered plastic components as a full service provider to the automotive industry in India.

The integration of TAFE's plastics business with Faurecia's interior systems business offers synergistic benefits to all its customers, it said.

Its current customers include Toyota, TVS Motors, Hyundai, Kia, Renault Nissan and GE Medical Systems.

On the other hand, Group Forvia serves major automotive customers, including Mobis-Kia, Mobis-Hyundai, Volkswagen, FCA and TATA.

Under the deal, Faurecia will continue to support TAFE and its customers with its design capabilities.

''TAFE is encouraged by the strong synergistic opportunities that this acquisition offers...technology, innovation and manufacturing excellence will drive our journey forward,'' company Chairman & Managing Director Mallika Srinivasan said.