Garware Bestretch Limited Ventures into the Automotive Sector
Launches Garware Motors Limited, a wholly owned subsidiary of Garware Bestretch Ltd.
- (1888PressRelease) November 02, 2010 - Pune - Garware Bestretch Limited, one of the world's leading manufacturers and exporters of Latex and Latex-Free Elastic Rubber Products today announced their maiden business venture into the automotive segment with the launch of Garware Motors Limited. On this occasion, Garware Motors announced their association with Korean giants S&T Motors, who will partner Garware Motors for assembling, marketing and selling 'Hyosung' two wheelers & ATVS in the Indian market.
Garware Bestretch Limited Ventures into the Automotive Sector.
Launches Garware Motors Limited, a wholly owned subsidiary of Garware Bestretch Ltd
Announces partnership with Korean giant S&T Motors a part of S&T Corporation
Sets up assembly line in Wai and plans to sell 2000 units in the first year of operation
S&T Motors are world class technology giants in the South Korean market since 1978. Garware Motors with the help of S&T Motors will set up an assembly plant at Wai in Maharashtra with a capacity to manufacture 8-10 bikes a day. The plant would have a full fledged assembly line, CKD storage facility, test track and a quality centre. 'Hyosung' will be providing Garware Motors with technical & manpower support right from setting up the assembly plant, assembling the product, sales & marketing as well as after sales service. Garware Motors will introduce motorcycles and cruisers in the untapped 650cc-700cc segment for the first time in India. Garware Motors will aim to provide the Indian consumer with a world-class biking experience in the affordable luxury segment
Speaking on this occasion, Diya Garware Ibanez, Managing Director of Garware Motors, said, "We are glad to be associated with a brand like Hyosung which is known for its stylized powerful bikes at affordable prices. We want to emulate their global success in the Indian market and develop a new segment whose potential is waiting to be unleashed. Hyosung has the experience, technology and product mix required for the Indian market. We plan to leverage each other's strengths to make a mark in the Indian market. With rising incomes, Indians want more and we believe there will be a good demand for our motorcycles in this untapped segment"
"With India being the second fastest growing auto market and this segment witnessing robust growth over the past decade, joining our complementary forces can help us tap the mushrooming market. Hyosung's capabilities with extensive global market knowledge and presence of Garware Motors in the Indian market will help us to be more effective." said Jimmy Park, Chief Operating Officer, S&T Motors
Garware group is not new to the automotive business in India. Established in the year 1933 by noted businessman and industrialist- Mr. B.D. Garware, Garware Motors Ltd imported cars like Jaguars and Lagondas into India which provided luxury transportation to the country's royalty. Garware Motors Ltd. Remained in existence until the commencement of protectionism in 1955.
About Garware Bestretch:
Established in 1994, Garware Bestretch Limited (formerly known as Bestretch Elastomers International Limited) is one of the world's leading manufacturers and exporters of Latex (Natural Rubber) and Latex-Free (Synthetic Polyisoprene) Elastic Rubber Products. Garware Bestretch Limited (GBL) is a part of the multimillion-dollar RBG Group of companies that has interests in synthetic ropes, twines, nets, rubber tapes, sheets, threads, medical tapes and infrastructure building.
About S&T Motors (Hyosung) :
Founded in 1978 as a division of the Hyosung Group of industries, Hyosung began producing Japanese Suzuki motorcycle designs under license for the South Korean market in Changwon, South Korea in 1979. In 1986, they established their own research and development center in Hamamatsu, Japan, and the next year, they began mass production of their own designs. They were the official motorcycle supplier for the 1988 Summer Olympics in Seoul. In 2003, Hyosung Motors & Machinery Inc. was spun off from the Hyosung Group to become its own corporate entity. In June 2007, Hyosung Motors Division was acquired by a Korean company, namely, S&T Group (Science and Technology), and the name changed to S&T Motors.
For details contact:
Anu Soman / Gagandeep Singh
9850837393 / 9096000003
Hanmer MSL
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