The US-based Firestone Industrial Products Inc, part of the Bridgestone group, and Sundaram Industries, a member of the TVS Group, have joined hands to set up a joint venture to manufacture and market air springs in India. This is the first of its kind joint venture for air springs in India.
The two partners propose to set up a dedicated, state-of-the-art green field facility to manufacture air springs in the temple city of Madurai in Tamil Nadu. The joint venture plans to have a wide marketing network to cater to OEMs, Indian Railways and after-market customers.
“The agreement with Sundaram Industries is a significant step in Firestone’s continued commitment to the delivery of quality products to its customers and its strategy to remaining the world’s largest manufacturer of air springs,” said Arun Kumar, Firestone’s head of Asia businesses and lead director in the new joint venture company. Mike Cerio, president, Firestone Industrial Products, will also serve as director in the joint venture, along with Naresh, joint managing director and Shobhana Ramachandhran, director of Sundaram Industries.
When contacted, a senior official of Sundaram Industries claimed ignorance on the exact investments and equity structure of the project. “The Firestone officials are expected to visit India in the next two weeks and the exact deal structure will be known only after that,” the official said.
Rapidly increasing customer demands for superior drivability and riding comfort, and innovations in suspension technology have driven the Indian market towards air suspension systems in the last decade, replacing the traditional mechanical leaf spring suspension systems. Several air suspension system manufacturers have since entered the marketplace.
Of particular importance to the air suspension systems market is the Indian Railways, which has always been a dominant transport aiding the growth of the Indian economy and is itself going through a significant modernization in the design of its coaches and in the introduction of high speed trains. The Firestone-Sundaram joint venture intends to offer the Indian Railways its latest design of air springs, which will provide a better cushioning effect and superior riding comfort.
“With two global leaders joining forces to promote this joint venture in India, it is certain that a range of new world-class air springs is set to revolutionize travel comfort in the country, and take the end-user on a smoother, more pleasurable ride on road or rail,” said Naresh.
