Gabriel India, FASI form JV for vehicle seats

Gabriel India Limited announced its Board of Directors has approved entering into a Joint Venture Agreement with Faurecia Automotive Seating India Private Limited (FASI). The JV will focus on developing, manufacturing, and selling passenger vehicle seats and components in India and other agreed countries. The initial aggregate investment will be INR 20 Crores, with Gabriel India contributing INR 9.99 Crores and FASI INR 10.00 Crores. A further INR 80 Crores will be invested post-closing, with both parties contributing INR 40 Crores each. The JV's paid-up equity capital will be INR 100 Crores, with Gabriel India holding 50% less 1 equity share and FASI holding 50% plus 1 equity share. Several supporting agreements, including a Technical Services and IP License Agreement, Management & Corporate Service Agreements, and a Business Transfer Agreement, will also be executed.