Tata AutoComp Systems Limited (TACO) announces with Japan’s Ichikoh Industries Limited (Ichikoh), a company listed on the Tokyo Stock Exchange Prime Market and owned at 61.2% by Valeo, the project to acquire Valeo’s lighting business in India through the acquisition of the Valeo Lighting Systems (VLS) business of Valeo India Private Limited.
The acquisition would be consummated through a 50:50 Joint Venture company (JVC) to be formed between TACO and Ichikoh Industries. The JVC should cater to the automotive lighting market in India. The definitive agreements are in the process of being finalized between TACO and Ichikoh regarding the formation of the JVC and the acquisition of the VLS Business and shall be subject to procurement of necessary statutory and regulatory approvals.
Commenting on the Joint Venture, Mr. Arvind Goel, Vice Chairman of Tata AutoComp, said: "The formation of this Joint Venture would be another significant step by Tata AutoComp in offering contemporary products and technologies to automotive OEMs in India. We are pleased to welcome Ichikoh and the Valeo Group as our partner, and together with their automotive lighting expertise, we will offer technologically superior and differentiated lighting solutions to our customers."