JV to address ₹8,000-crore market
IP Rings Ltd. (IPRL), a part of the Amalgamations Group, and U.K.-based Eminox have signed an agreement to set up an innovation and technology centre here with an initial investment of ₹20 crore.
IPRL is a major player in the Indian automotive, agriculture and power-generation components and equipment markets while Eminox is a leading European designer and manufacturer of exhaust and emissions control systems for heavy-duty vehicles and equipment.
Ram Venkataramani, MD, IPRL and Mark Runciman, MD, Eminox Ltd., signed the pact recently. The joint venture will be called IPR — Eminox Technology Centre. Mr. Runciman will head the JV. Eminox and IPRL would develop exhaust after-treatment systems for India in compliance with emerging legislation, with a highly talented pool of engineers and senior management.
The addressable market size is ₹6,000 crore for light, medium and heavy commercial vehicles and ₹2,000 crore for off-highway applications, said IPRL officials.
“We have very ambitious plans with IPRL to develop and supply EATS for a range of diesel and CNG engines used off-road and on-road across the Indian market,” said Jog Lall, OE sales & marketing director, Eminox.
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