Arvind in pact with US-based Adient to make automotive fabrics in India
21 Mar 2018
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US-based automotive seating manufacturer Adient plc has tied up with textile-to-retail conglomerate Arvind Limited to set up a joint venture in India to make autotive seating fabrics.
Their joint venture, Adient Arvind Automotive Fabrics, will develop, manufacture and sell automotive fabrics in India.Adient, which was founded as a spin-off from Johnson Controls in 2016, is the global leader in automotive seating, with 238 manufacturing and assembly plants in 34 countries, it produces automotive seating for all vehicle classes and for all major OEMs, ranging from complete seating systems to individual components.
Flagship company of the Lalbhai Group, Arvind Limited (formerly Arvind Mills) is a $1.5-billion conglomerate with interests in textiles, branded apparel and accessories, engineering and real estate and is one of the leading textile to retail and brands conglomerate in India. It manufactures and sells about 300 million meters of fabrics and over 30 million pieces of ready to wear apparel.
Adient Arvind Automotive Fabrics will be based in Ahmedabad, India, where it will manufacture high-end performance fabrics for automotive seating systems.
Adient will be the majority stakeholder in the new company with a 50.5 per cent share and expects the joint venture to be included in its consolidated financial statements.
The joint venture will benefit from synergies between Adient and Arvind, each bringing leading technology and design capabilities in their respective fields.
The new company will cater to Indian and global automakers operating in the Indian market.
"Combining Adient's global fabrics design and technological resources with Arvind's extensive manufacturing capabilities will enable us to accelerate the pace at which we bring innovative automotive fabrics products to market in India," said Jef Vercammen, vice president, global fabrics at Adient.
Punit Lalbhai, executive director, Arvind Limited, Arvind is transforming its business quickly through technologies and partnerships that enable it to to explore and create new opportunities across its business divisions.
"One of our key pillars is to extend textile manufacturing into newer frontiers outside of fashion and into various spaces like human protection, construction and transport," Lalbhai added.
