Ahmedabad: Adient (NYSE: ADNT), the global leader in automotive seating, and Arvind Limited (BSE: ARVIND), one of the world’s largest textile-to-retail conglomerates, today announced the formation of Adient Arvind Automotive Fabrics, a joint venture that will develop, manufacture and sell automotive fabrics in India.

Adient Arvind Automotive Fabrics will be based in Ahmedabad, India, where it will manufacture high-end performance fabrics for automotive seating systems at a fabric manufacturing facility. The joint venture will benefit from synergies between Adient and Arvind, each bringing industry-leading technology and design capabilities in their respective fields.

“One of our key pillars is to extend textile manufacturing into newer frontiers outside of fashion and into various spaces like human protection, construction and transport. The partnership will leverage Adient’s market presence and automotive expertise with Arvind’s textile manufacturing capabilities to provide customers superior and high-quality automotive seating solutions,” said Mr. Punit Lalbhai, executive director, Arvind Limited.

Adient is the majority stakeholder in the new company with a 50.5 percent share and expects the joint venture to be included in its consolidated financial statements. Arvind and Adient will each have representation on the board of directors of Adient Arvind Automotive Fabrics.

DeshGujarat