Indian automotive components manufacturer JBM Group intends to enter the vehicle manufacturing segment by tying up with a foreign partner. Through this venture, JBM expects to launch buses in India by the next financial year. According to Arya, the alliance for manufacturing buses may be formed with a European firm. The financial details and other plans would only be decided after the alliance is formed, he said.
"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," Press Trust of India quotes JBM Group executive director Nishant Arya as saying.
This planned joint venture will produce buses at a new facility, which will be set up either in North or West India, the report said. Arya mentioned that his company would likely form an alliance with a European firm.
JBM Group company JBM Auto first announced its intention to manufacture buses in September 2008. According to Indian media the supplier was considering investing in a greenfield site to assembly buses, including bodywork, chassis and interiors. The report had said that this would likely be through a technology transfer deal with a European bus manufacturer.