Synchrotec is born: a joint venture between SIAP - Carraro Group and Bhavani Industries focused on the design, development and production of synchronizers for off-road vehicles
The new plant in Gujarat, India, which will be operational by the end of the year, will be supported by the organizational, technical and production skills of both partners
Campodarsego (Padova), June 22, 2023 - Carraro's presence in India is further strengthened thanks to the Joint Venture agreement signed with Bhavani Industries, an industrial reality in the Indian Sub-Continent specialized in the design and production of synchronizers for both the automotive and off-highway sectors.
The NewCo - named Bhavani Synchrotec Pvt. Ltd., which will be based in Ahmedabad (India) – will see the presence of the Carraro Group with a 49 percent stake through its subsidiary SIAP SpA (a center of excellence for precision gears, based in Maniago – Pordenone, Italy).
The new company will have as core business the design, development, manufacture and marketing of synchronizers assemblies for off-highway applications for the global market. The partners will contribute their entire existing and future business related to this product and specific target market to the JV.
The JV will operate with a newly built plant (operational by the end of the year) and will have an organizational, technical and production structure that will combine the expertise of both partners.
"This joint venture confirms the strategic importance of India for Carraro Group. We have been entering the subcontinent since the 1990s, gradually strengthening our presence there. Today we have two manufacturing plants and an R&D center in Pune, with more than 1,700 employees. – commented Enrico Carraro, Chairman of Carraro Group – By partnering with Bhavani Group, we will be able to further consolidate our expertise and expand our offering to our partners."
"This agreement is an important step for Bhavani Group and an opportunity to bring the most advanced synchronizer technology to the off-highway market as well. – added Deven Nandwana, CEO of Bhavani Group – This joint venture, signed with a renowned international partner such as Carraro, enables Bhavani to expand product supply to the global market, making India a center of excellence for synchronizers. This reinforces our commitment to Make in India initiatives."