JBM bares plans to set up joint venture with foreign firm for vehicle manufacturing

JBM Group, the Indian automotive components manufacturer, bared plans to enter the vehicle manufacturing business through a joint venture with a foreign partner by the next financial year. “We are working on the bus project and are in discussions with big companies for forming an alliance. We will forge this alliance by the end of this fiscal,” JBM Group Executive Director Nishant Arya said. The buses will be produced at a new facility, which will either be in North or West India. Meanwhile, the company is building new units in Chennai, Sanand and Pantnagar, for its component business. JBM is also expanding its facilities in Pune, Faridabad and Gurgaon. Arya said,”The group is investing Rs5 billion (US$108.51 billion) this fiscal on expanding its existing capacities and setting up new facilities…Post-expansion, the company’s production capacity will increase to 1.2 million units per day by next fiscal, from the existing one million parts per day.” (September 7, 2011)