Tt Electronics Regulatory News (TTG)

4 Dec 2006 07:00

TT electronics PLC04 December 2006 TT electronics plc ("TT electronics") Joint Venture in India TT electronics plc, a world leader in sensor and electronic componenttechnology, is pleased to announce that it has signed an agreement to form ajoint venture with an established supplier to the automotive industry in India.The move will enable TT electronics to sell its range of sensors and systems tothe Indian automotive market. The Indian automotive market is fast growing. In 2005-06, India manufactured 1.3million passenger vehicles and 0.4 million commercial vehicles. Growth hasaccelerated over the last decade with passenger vehicle production achieving acompound annual growth rate of 15% between 2000 and 2005. At the same time, thedomestic Indian market offers considerable growth potential with penetrationrates of just 7 cars per 1000 population. TT electronics will own 51.0 per cent of the joint venture which willmanufacture and sell the group's sensors and systems to the Indian automotiveand industrial markets. TT electronics' partner in the joint venture is PadminiVNA Mechatronics Pvt. Ltd. ("Padmini"). Padmini supplies a range ofelectromechanical and electronic products to the domestic Indian automotivemarket to customers including General Motors, Hyundai, Mahindra & Mahindra,Maruti and Tata. The joint venture will operate from a new greenfield site inGurgaon, an automotive hub just outside New Delhi. Commenting on the acquisition, John Newman, Executive Chairman of TTelectronics, said: "We are delighted to have gained a foothold in the Indian automotive marketwhich we believe offers very good growth potential for us. We are pleased tohave secured a strong partner with very well established links with our targetmarkets." Enquiries: TT electronics plcJohn W Newman, Executive Chairman Tel: 01932 856 647 BiddicksZoe Biddick Tel: 020 7448 1000 This information is provided by RNS The company news service from the London Stock Exchange