Prins Autogassystemen B.V. forms Joint Venture with the Best Group of India
Prins Autogassystemen B.V. , manufacturer of advanced alternative fuel systems, has formed a Joint Venture with the Best Group of India. The Joint Venture will produce a full range of CNG and LPG systems for OEM and aftermarket customers.
The official signing ceremony took place in Eindhoven today. After the necessary approvals have been obtained the partners will e ach take a 50% equity share in the new company that will be trading under the name Best-Prins ECO Systems (P) Ltd.
Bart van Aerle Managing Director van Prins says: “The market for alternative fuel systems in India is entering a very strong growth phase, which is mainly due to rising petrol prices and a substantial increase in the numbers of filling stations. Central and local Governments also strongly promote the use of alternative fuels and have been instrumental in making it compulsory for new vehicles to meet Euro-4 emission standards for driving in most of the largest cities in India by April 2010 . Van Aerle continues by saying that this Joint Venture will help Prins to accomplish its objectives of winning a large share of the local Indian market and to strengthen its regional presence in a very substantial way.
The Best Group is an existing supplier of automotive components to the largest manufacturer of passenger cars in India, Maruti-Suzuki. Van Aerle: “ The Best Group’s excellent reputation and dedication to quality makes it an ideal partner for Prins and who will add significant value to our global strategy of product innovation and customer satisfaction.
It is expected that the joint venture will be fully operational by the beginning of the second quarter of 2009.