Wabco Takes Majority Stake In Joint Venture With TVS

Brake and component supplier Wabco said it completed its purchase of a majority stake in its Indian joint venture with TVS Group.

Wabco, Belgium, said earlier this month that it increased its equity investment in Wabco-TVS, which makes braking systems and components, to 75% from 39.2%.

As part of the deal, TVS received Wabco’s holding in Sundaram-Clayton Ltd., the non-brakes business of Wabco’s joint venture with the Indian manufacturer.

“Taking majority control of this world-class, award-winning company marks another major step in expanding Wabco’s global network of manufacturing, sourcing and engineering capabilities, while enhancing Wabco’s already broad and successful footprint in Asia,” Jacques Esculier, chief executive officer of Wabco, said in a statement.