Škoda Group sign MOU with TATA AutoComp Systems to produce components for Indian railway
Posted: 23 August 2023 | Elliot Robinson (Editorial Assistant - Global Railway Review) | No comments yet
Škoda Group are partnering with TATA AutoComp Systems to strengthen their position in foreign markets and expand their presence outside Europe.
Credit: Škoda Group
Škoda Group have signed a Memorandum of Understanding (MoU) with TATA AutoComp Systems, Indian provider of the products and services to the automotive original equipment manufacturers and suppliers, to strengthen its position in foreign markets and expanding its presence outside Europe. This agreement sets the framework for a strategic joint venture aimed at producing components for the growing Indian railway and public mobility market. India, with its vast and rising market, presents huge opportunity for growth and expansion. Through the partnership with a traditional and well-known Indian company, Škoda Group seeks to tap into India’s potential to deliver shared benefits and accelerate business development.
The MoU marks the first step towards a comprehensive feasibility study that will outline the scope of investment, expected scale of business and other key considerations. By combining the expertise and knowledge of both companies, the joint venture aims to create a strong foundation for long-term success in the Indian railway sector.
“Our collaboration with TATA AutoComp Systems represents an exciting opportunity to enter the Indian railway and bus public mobility market,” Petr Novotný, President Components & Bus Mobility at Škoda Group, said. “India’s great potential, coupled with the skilled workforce and market demand, aligns perfectly with our group’s growth strategy. Together, we will explore new opportunity and create innovative solutions to meet the developing needs of the Indian railway industry. In line with this, we particularly have on top of our mind the Make in India initiative, under which we will work together to support the growth of the industry in response to dynamic market demands.”
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“Tata AutoComp has always been a pioneer in introducing cutting edge technology to its customers,” Arvind Goel, Chairman at Tata AutoComp, said. “This association with Škoda Group will further strengthen our presence by bringing the latest electrical equipment and components for Indian Railway & Metro & Bus market. We take pride in our partnership with Škoda Group, a company steadfastly dedicated to serving global markets with its diverse range of Railway Components.”
The development and production of electrical equipment and components is one of the strong foundations of Škoda Group. In addition to supplying its own products, Škoda aims to significantly increase the volume of orders from external customers in the rail and urban transport sectors. Škoda Group designs and manufactures the components to meet key requirements such as high reliability, safety, efficiency, low energy consumption, robustness, low lifecycle costs and maximum environmental friendliness. By joining forces with a respected Indian partner, the group aims to build a strong position in the Indian railway market, encouraging economic growth, job creation and technological advancements.