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Satyam JV sets up ODC for auto parts major
By siliconindia
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Monday, 05 January 2004, 20:30 IST
HYDERABAD: Satyam Venture Engineering, an auto engineering services group of Satyam Computers, has formed a dedicated India design center for US-based tyre supplier Collins & Aikman (C&A.)
According to the release issued to the BSE, the IDC will provide complete range of product design, engineering and validation services to C&A.
The dedicated IDC will initially start with a team of 20 engineers and is expected to grow to over 100 Engineers by next year, the release said.
No financial details were given.
New York-listed Satyam won the deal from the U.S. firm through Satyam Venture Engineering Services Pvt Ltd, its 50:50 joint venture with an U.S. company.
Kurian Pothen, vice president of engineering at Collins & Aikman, said his company had been working with Satyam's automotive joint venture for the past few months. With the launch of the Indian center, the two companies have now initiated a long-term relationship, he said.
Ahead of the news, Satyam's shares were up 1.42 percent in afternoon trade on the Bombay Stock Exchange, where the 30-share benchmark index was up 0.40 percent.