The Neolite Group, a noted supplier of automotive lights for over 25 manufacturers based in India and overseas has merged with an Austrian partner.
Neolite entered a joint venture with Austria based ZKW Zizala Lichtsysteme GmbH company, which has been given a 26 percent stake. The company has also been given an option to acquire 40 percent stake in its Indian business. However, the exact financial figures were unavailable. ZKW is one of the leading manufacturers of lighting for premium segment vehicles in Europe.
The new company would be called Neolite ZKW Lightings Private Limited. They are expected to start the operation by 2009 and 2.5 million lamps would be the initial volume of production. The JV would also manufacture lamps including LED, Xenon and AFS technology for the premium vehicles in different segments.
Though i am not aware of this company but itis nice to know that foreign companies interestto merge with the Indian company. this reveals India's speeding growth of development.
As we know India has become a hub of world car makers, now even car components makers are eyeing our market. But knowing about getting an Austrian counterpart to an Indian based company is exciting. Neolite, India based car lights dealer have merged with an Austrian partner. This shows how big the industry is growing to every part of the world.
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