Austria-based Miba AG is entering the Indian market by picking up a stake in Pune-based sintered components manufacturer Maxtech Sintered Product Pvt. Ltd. (Sintered components are used in passenger car engines, transmissions, steering and exhaust systems.) The entity, which will now work as a joint venture, will provide Indian and overseas car manufacturers and suppliers with sintered components.
Miba will also bring its powder metal technology and expertise to India. The financial details of the transaction were not disclosed but Miba has picked up a minority stake in Maxtech.
Maxtech employs 80 people and produces sintered components for automotive engines and transmissions as well as stainless steel components for exhaust applications. Miba will transfer its latest powder metal technology to Maxtech Sintered Product and will localize production of components currently imported to India from Europe. It will also provide global sales and engineering support for MPSSL’s stainless steel products, which are used in high-performance exhaust systems.
“The cooperation in India expands our global network and provides our customers with Miba’s technology and best possible support through local product development and production. With this investment, we want to foster our strength in innovation and competitiveness of our customers,” says Harald Neubert, CEO of the Miba Sinter Group.
More than 3 million new cars were sold in India last year, most of them produced locally. The market is forecasted for double-digit growth in the coming years.
Miba Sinter Group has manufacturing sites in Austria, Slovakia, China, USA, Brazil and India. Miba reported revenues of Euro 312 million or $424 million in 2009-2010 with an EBIT of Euro 16.4 million or $22.3 million. The company has more than 2,600 employees across the world. The company was founded in 1927 and is headquartered in Laakirchen, Austria.