Amtek inks deal with Teksid to drive 1.3L engine
Component company Amtek has signed a technical collaboration agreement with Teksid SpA. Based Turin, Italy, Teksid is a world leader in the production of iron castings for the automotive industry with operations spread out in Europe, North and South America and Asia.
According to sources in the auto industry, the Teksid tie-up is the result of growing interest in India in the Fiat-developed 1.3 litre multijet diesel engine. The technical collaboration agreement with Teksid will prove Amtek access to technology for the manufacture of the 1.3 litre small diesel engine blocks in India.
Amtek is currently the single source for the supply of these engine blocks to passenger car manufacturers in India such as Maruti Suzuki, Tata-Fiat and Tata Motors. As per industry forecasts, sales of small diesel engine cars are expected to exceed 5,00,000 units within the next 2 to 3 years.
Teksid Iron Foundries is a major manufacturer of grey and nodular iron castings. The Italian company's main products are: Grey iron cylinder blocks for light vehicles, engine blocks and heads for trucks engine, SiMo exhaust manifolds; nodular iron crankshafts, camshafts, steering knuckles, suspension arms, differential cases.
Amtek has been aggressively forging alliances or going in for acquisitions overseas. Just last week it announced the takeover of UK-based automotive machinery company Triplex-Ketlon. The company had raised $250 million through convertible bonds in May, 2006. Earlier this year, Amtek acquired JL French Automotive Castings' Whitham plant in Essex. The Rs. 5,000 crore Amtek Group manufactures automotive components and assemblies with production facilities located across North America, Europe & Asia.
Source: The Economic Times
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