Krishna Group, a well-known Indian auto interior manufacturing company, is forming an equity joint venture (JV) project with Landi Renzo S.p.A., a global leader in the alternate fuel vehicles (AFV) sector. The Rs. 60-crore JV would address the critical alternative fuel solutions relating to the development and creation of advanced technological systems in the clean energy sources.
Landi Renzo is a leading MNC working the area of green energy, such as LPG and CNG, development of sustainable mobility with a low environmental impact and a sure economic advantage. While India is in the grip of a fuel crisis, this JV would address the needs of alternative fuels and also target a big group of customer base like the original equipment manufacturers (OEMs).
Both the companies have signed the joint venture agreement on 30th of July, 2012 in New Delhi. R. C. Bhargava Chairman Maruti Suzuki India Limited graced the occasion as the Chief Guest of the ceremony and has said “we look forward to the successful launch of a major new initiative in the alternate fuels industry, and it shall work towards selling the alternate energy for the O.E.Ms. It shall contribute in its own way to reduce the oil import burden over a period of time”.
During the collaborative meeting several digniteries witnessed the joint venture are Mr. Claudio Carnevale – Landi Renzo Group C.E.O.,Mr. Carlo Gardella – Landi Renzo and Lovato India, C.E.O, Mr. Carlo Alberto Pedroni – Lovato C.E.O, Mr. Devanshu Lamba – Landi Renzo, India, Marketing Manager, Mr. Ashok Kapoor – Krishna Group Chairman, Mr. Parvesh Soni – Krishna Group, C.E.O, Chief Guest of the Event– Mr. R.C Bhargava, Maruti Chairman. OLPL (Officine Lovato private limited.) handles Landi Renzo and Lovato operation in India.
The kits shall be put to severe quality tests in order to control the performance of the plants and to analyse the reduction in contaminating factors present in the exhaust. With fuel prices rapidly going many Indian car owners hardly could afford to use their private cars.