Manuli Ryco, a world leading manufacturer of high-pressure hoses with headquarters in Milan, Italy is pleased to announce the closing of the Joint Venture arrangement with Labha Global (formerly Labha Automobiles), an Indian investor, with headquarters in Hyderabad, India, whereby Manuli Ryco will now own 51% of the share capital of Mithra Fluidtrans Pvt Ltd, an Indian prominent manufacturer of hydraulic and industrial hoses. Labha Global shall continue owning a 49% stake in the Joint Venture. The JV will carry business under the name “Manuli Ryco Labha Private Limited” (subject to regulatory approvals).
Both partners strongly believe in both the future of the Indian economy and in the need to provide more choice to Indian customers.
The technical and local expertise of both partners will contribute to the expansion and modernization of a hose manufacturing plant located in the state of Andhra Pradesh (district of Krishna), with the aim of providing the Indian market with high quality products through a world class facility.
The revamped hose plant will also be integrated into the global network of the Manuli Ryco group, supporting the operating Divisions with competitive high-quality products.