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Him Teknoforge Ltd, a renowned precision forging and component manufacturing company serving the automotive and engineering sectors, has entered into a significant joint venture agreement with Borghi Assali S.R.L., an established Italian manufacturer specializing in hydraulic and electric steering axles and drive wheels. This joint venture aims to leverage the strengths of both companies to tap into the Indian and Southeast Asian markets for advanced steering solutions and related components.
Key Highlights Of The Joint Venture Agreement
The joint venture company will be formally incorporated in India, focusing on marketing, selling, and commercializing hydraulic and electric steering axles as well as drive wheels.
Borghi Assali S.R.L. will hold a majority 50% stake in the venture, Him Teknoforge will own 40%, and Piercelestino Pecorari (an Italian citizen) will hold the remaining 10%.
An initial investment of up to INR 7.20 lakh has been approved by Him Teknoforge for the joint venture company.
The board of the joint venture will include nominees from both Him Teknoforge and Borghi Assali, ensuring shared oversight and governance.
Him Teknoforge will have exclusive rights for assembly and production of components for the joint venture.
Strategic Importance Of The Partnership
The collaboration brings together Borghi Assali’s expertise in advanced steering technologies with Him Teknoforge’s strong manufacturing capabilities and market presence in India.
The joint venture allows for accelerated expansion in fast-growing markets like India and Southeast Asia, where demand for electric and hydraulic steering systems is rising.
The partnership aligns with the global automotive trend toward electrification and smart vehicle components, enabling both companies to deliver innovative solutions.
It enhances Him Teknoforge’s product portfolio and technological edge, supporting growth in the commercial vehicle and tractor segments.
Operational And Market Outlook
Production and assembly of steering axles and drive wheels are expected to leverage Him Teknoforge’s existing manufacturing infrastructure and quality systems.
The JV aims to establish a robust sales and distribution network, optimizing market penetration and customer localization.
Both partners anticipate synergies in research & development, product customization, and after-sales services to enhance competitiveness.
The venture positions itself to serve OEMs and aftermarket customers seeking reliable and technologically advanced steering components.
Company Backgrounds And Industry Context
Him Teknoforge Ltd, established in 1981, is a Tier 1 supplier to leading OEMs in India and exports to over 20 countries.
The company specializes in forged components for tractors, commercial vehicles, electric vehicles, and railways, certified with ISO 9001:2015 and IATF 16949:2016.
Borghi Assali S.R.L., headquartered in Italy, has decades of experience manufacturing hydraulic and electric steering axles, servicing global automotive markets.
The joint venture capitalizes on increasing demand for electrified and efficient vehicle steering technologies driven by regulatory and environmental factors.
Future Growth Potential And Strategic Benefits
With rising adoption of electric vehicles and smart hydraulics, the JV is well positioned for long-term growth in India and beyond.
Him Teknoforge will gain access to European technology and expertise, accelerating product innovation and quality improvements.
Expansion of product range and regional footprint is expected to strengthen competitive advantage and market share.
The venture supports India’s automotive industry growth path, contributing to local manufacturing and global export opportunities.
In summary, the incorporation of the joint venture company from Him Teknoforge Ltd and Borghi Assali S.R.L. marks a strategic milestone. By combining manufacturing strength and cutting-edge steering technologies, the partnership aims to create a robust platform for innovation, market expansion, and value creation in core automotive segments.
Sources: Marketscreener, Him Teknoforge official filing, Moneyworks4me, LinkedIn announcements, SEBI disclosures
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