CHENNAI, India – Brakes India yesterday announced the completion of the acquisition of its joint-venture-partner’s (ZF) shares in the firm.

The company was founded in 1962 as a joint venture between T V Sundram Iyengar and Sons Private Limited (TVS) and ZF Friedrichshafen AG.

Las year ZF announced it would divest itself of its shares in the joint venture having purchased WABCO Holdings, which operated competitive businesses in India.

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The deal is reported to be for ₹70 crore.

ZF will continue to provide technology licensing as well as some supplies to the company, continuing its collaboration of more than five decades.

Brakes India, along with its TVS parent company, controls some 50-55 percent of the brake market in India. It is also a global supplier of ferrous castings.

The company, engaged in manufacture of braking systems for cars and commercial vehicles, reported revenue of ₹3,990 crore in FY20 compared with ₹4,896 crore in FY19. Its PAT stood at ₹246 crore against ₹474 crore. Its net worth was ₹2,441 crore in FY20.