06 Dec IAC Expands Its Global Footprint with Mahindra & Mahindra Contracts in India
MUMBAI, India (December 06, 2007) – International Automotive Components Group (IAC) today announced that it has been awarded two new contracts to supply instrument panels to a future Mahindra & Mahindra (M&M) utility vehicle and a Mahindra International Ltd. (MIL) medium/heavy-duty truck program.
“International Automotive Components is a global company focused on meeting our customers’ local needs, anywhere in the world,” said IAC Group Chairman Wilbur Ross. “Though IAC is a relatively new company in India, we have many employees with extensive experience and a vast network of relationships in the automotive market in India, which in combination with our diverse product portfolio, positions IAC for strong growth in the region.”
To support the project, IAC will begin exploring locations for greenfield facilities. These sites could eventually supply vehicle programs for IAC’s global customers.
Established in early 2006, IAC today comprises the interior operations and expertise of the former Lear Interior Systems Division and Collins & Aikman Soft Trim and other interior operations. “Our strength comes from a commitment to quality, operational engineering excellence, as well as dedication to continuous improvement throughout the organization.” said Jim Kamsickas, president and CEO of IAC North America. Kamsickas is responsible also for company operations in India.
IAC is joined in India by its largest shareholder WL Ross & Co. LLC (WL Ross). Based in Mumbai, WL Ross (India) Private Limited (WLR India) is sub-advisor to various WL Ross private equity funds including the India Asset Recovery Fund (IARF). Ranjeet Nabha, Managing Director, WL Ross & Co. LLC is responsible for IARF activities.