MILAN, Italy (Oct. 12, 2007) — Sundaram Industries Ltd. and Novotema S.p.A. have created a joint venture to manufacture and distribute specialty elastomer parts for sealing applications in India.
The partners said they will open a plant in Madurai, India, and will use modern, automated equipment to ensure high productivity and product reliability. The cost of the project and other details weren't given.
Sundaram is part of TVS Group, a producer of molded rubber goods that posts annual sales of $3 billion. Novotema is owned by its management and private equity company 3i of Italy.