WABCO Holdings Inc has executed its previously announced plan to raise its ownership position to 75 percent in its 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 emerging markets.
Based on a court-approved plan, WABCO increased its equity investment to 75 percent from 39.2 percent in WABCO-TVS (India) Ltd, shares of which are publicly listed in India on the Mumbai, Madras, and National Stock Exchanges. WABCO also transferred to the TVS group its holding in Sundaram-Clayton Ltd, which contains the non-brakes business of its Indian joint venture.
WABCO-TVS (India) Ltd designs, manufactures, and markets conventional braking products, braking systems, and other related air compression products and systems.
The firm has three factories. The factory in Ambattur, Chennai recently received the Total Productive Maintenance (TPM) Excellence Award from the Japan Institute of Plant Maintenance, among other customer and industry awards. WABCO-TVS (India) Ltd has also been recognized as well on its way as a global benchmark for implementing lean manufacturing, according to the Lean Enterprise Institute. Two other factories inaugurated in 2008 — one in Mahindra World City in Chennai and another in Jamshedpur — operate in the same TPM excellence league as the factory in Ambattur.