US-based Adient, Arvind form JV for making automotive fabrics in India
Textile-to-retail conglomerate Arvind Ltd has tied up with US-based Adient, a leading automotive seating company, for making automotive fabrics. Based in this city, the new Adient Arvind Automotive Fabrics will aim to supply Indian and global automobile makers with solutions in high-end performance fabrics for seating systems.Arvind has been aggressively investing in its advanced material division (AMD). For Adient, the joint venture (JV) will result in enhancement of its fabrics product portfolio, coupled with increased market presence for the AMD at Arvind.As the majority stakeholder in the new company with a 50.5 per cent share, Adient expects the JV to be included in its consolidated financial statements. Arvind and Adient will each have representation on its board of directors.Jeff Vercammen, vice-president of global fabrics at Adient, said the aim was to accelerate their manufacturing of innovative automotive fabrics by combining Arvind' manufacturing capabilities in India with .21-03-2018