Škoda Group signed a Memorandum of Understanding with the Indian company Tata AutoComp Systems for the establishment of a strategic joint venture aimed at producing components for the growing Indian railway market as well as for the public transport sector. Through the partnership with a traditional and well-known Indian company, Škoda Group seeks to tap into India’s potential to deliver shared benefits and accelerate business development.
Under the MoU, the two companies will develop a comprehensive feasibility study that will outline the scope of investment, expected scale of business, and other key considerations. By combining the expertise and knowledge of both companies, the joint venture aims to create a strong foundation for long-term success in the Indian railway market.
“Together, we will explore new opportunity and create innovative solutions to meet the developing needs of the Indian railway industry. In line with this, we particularly have on top of our mind the Make in India initiative, under which we will work together to support the growth of the industry in response to dynamic market demands,“ Petr Novotný, President Components & Bus Mobility at Škoda Group said.
The development and production of electrical equipment and components is one of the strong foundations of Škoda Group. In addition to supplying its own products, Škoda aims to significantly increase the volume of orders from external customers in the rail and urban transport sectors. Škoda Group 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.
“This association with Škoda Group will further strengthen our presence by bringing the latest electrical equipment and components for Indian railway, metro and bus market. We take pride in our partnership with Škoda Group, a company steadfastly dedicated to serving global markets with its diverse range of Railway Components,” Arvind Goel, Chairman at Tata AutoComp said.
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