50/50 joint venture to produce complete seating systems and seat mechanisms
for OEMs in India
NEW DELHI, August 5, 2009 – Magna Seating, an operating unit of Magna International Inc., and Krishna Group of India announced today the formation of a 50/50 joint venture to produce complete seating systems and seat mechanisms for automakers operating within the Pune region of India.
The joint venture, called MSKH Seating Systems, will operate from Chakan (near Pune, Maharashtra). MSKH Seating Systems aims to start production within the next 12 months.
The joint venture will bring together two leaders in automotive seating. Magna Seating, a global company, brings in cutting-edge technology and proven processes. Krishna Group, one of the largest complete seat suppliers in India, will provide competitive manufacturing strength and in-depth experience of the domestic automotive industry. Magna Seating will also bring exclusive engineering support to the joint venture.
“Aligning ourselves with the Krishna Group allows us to engage automakers in the Pune region of India with a capable and competitive partner,” said Deepak Nagaraja, Vice-President, Asia-Pacific Operations, Magna Seating. “They are a high-volume manufacturer of seating systems with a strong and established supply base. We look forward to many successes as we enter into this venture together.”
“We are excited to form a joint venture with Magna Seating, they are innovative, world class supplier and bring valuable engineering and product delivery expertise to the India market,” said Ashok Kapur, Chairman, Krishna Group. “By combining our resources we are able to offer Pune-area automakers with the latest in seating technologies at a competitive price.”
The joint venture marks the initial entry of Magna Seating into India, and also expands the presence of Magna International in the country. Magna Powertrain, Magna Mirrors, Magna Steyr, Magna Closures and Cosma International are the other Magna International operating groups which have operations in India.
About Krishna Group
Krishna Group is one of the largest Indian automotive suppliers. Its diversified product range includes automotive interiors components (seats, interior plastic trim, roof headliner, gear shift mechanisms and rear view mirrors) and metal products (fuel tanks, axles, exhaust systems and suspension systems) with a unique tool room for plastic and stamping tool capabilities. It has 19 state of-the-art manufacturing plants spread across the New Delhi and Pune regions. The Seating Division is the only seat supplier in the world to have received the prestigious Deming Prize. The Krishna Group is committed to following the best TQM, TPM and HR practices in a family-oriented environment.