WABCO TAKES MAJORITY OWNERSHIP OF INDIAN WABCO-TVS JOINT VENTURE
WABCO Holdings Inc. recently announced that the company has executed its previously announced plan to raise its ownership position to 75 percent in its award-winning joint venture, WABCO-TVS (India) Ltd., further strengthening not only WABCO's presence in India but also its capabilities to connect with and grow in all of the world's emerging markets.
Based on a court-approved plan, WABCO on June 3, 2009, increased its equity investment to 75 percent from 39.2 percent in WABCO-TVS (India) Ltd.
WABCO-TVS (India) Ltd. has three factories – in Ambattur, Chennai, in Mahindra World City in Chennai and another in Jamshedpur. WABCO-TVS (India) Ltd. also has software design and development centers located in Chennai, including more than 70 engineers who develop embedded software for applications in electronic braking, stability, transmission and climate control.
WABCO-TVS (India) Ltd. employs over 1,000 persons and reported approximately $95 million in sales in its fiscal year 2008-2009. WABCO has participated successfully in this joint venture for more than 40 years.
