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Tata AutoComp, Skoda form joint venture to enter rail components business
'The new company, jointly owned by the two partners, will focus on manufacturing converters, drives, and auxiliary converters for medium high-speed and regional trains, metros and light rail vehicles. Manufacturing operations will be based in India. The joint venture involves a multi-million-euro investment and is expected to bring economic and technological benefits,' Tata AutoComp said in a statement.
With the national transporter Indian Railways looking to make the most of the recent government capital expenditure push to replace its old fleet with modern rail systems and expand metro networks across cities, several existing players have increased their investments in the component business in the recent past, and some have diversified into this segment.
'Our collaboration with Škoda Group is set to enhance our footprint in the Indian Railways and Metro sector by enabling the introduction of state-of-the-art electrical propulsion systems and components,' said Arvind Goel, vice-chairman, Tata AutoComp.
'Together with TATA AutoComp, we are bringing advanced technology and expertise to India, a testament to years of development and proven solutions in operation not only in the Czech Republic, but also in other European countries. I am confident that this partnership will enable both companies to lead and stay in the forefront of the growing demand for modern rail solutions,' said Petr Novotný, chief executive officer and Chairman of the Board of Directors of Škoda Group.
The development and production of electrical equipment and components for rolling stock is one of the strong foundations of Škoda Group, the statement said. The company designs and manufactures the components to meet key requirements such as high reliability, safety, efficiency, low energy consumption, robustness, low lifecycle costs, and maximum environmental friendliness.
Tata AutoComp has already established a presence in the railway space. The Tata Group company had previously supplied seats for Indian Railways' Vande Bharat trains through another joint venture with American firm Magna Seating.
With the latest venture, the rolling stock components will be manufactured in India by TATA AutoComp with technical expertise & support from the Škoda Group.
'TATA AutoComp has a significant market position in providing systems and components for electric vehicles. This partnership will diversify TATA AutoComp's portfolio and strengthen its capability in the Railway & Metro segment. TATA AutoComp aims to bring sustainable innovations in mobility solutions at an affordable cost,' the company said.
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