Italian manufacturer of high-pressure hoses Manuli Ryco has entered into a jv arrangement with Labha Global (formerly Labha Automobiles), an Indian investor, with headquarters in Hyderabad, India, whereby Manuli Ryco will now own 51% of the share capital of Mithra Fluidtrans Pvt Ltd, an Indian manufacturer of hydraulic and industrial hoses.
Labha Global will continue owning a 49% stake in the jv, which will be known as Manuli Ryco Labha Private Limited.
Both partners says they strongly believe in both the future of the Indian economy and in the need to provide more choice to Indian customers.
The technical and local expertise of both partners will contribute to the expansion and modernization of a hose manufacturing plant located in the state of Andhra Pradesh (district of Krishna), with the aim of providing the Indian market with high quality products through a facility.
The revamped hose plant will also be integrated into the global network of Manuli Ryco group,