Getty Images The process of exiting the program began in 2013 with the annual sale of SVIL Group’s stake in Sigma.

NEW DELHI: Automotive components manufacturer and supplier The Group has strategically exited its joint ventures Sigma Freudenberg NOK (SFN) and Sigma Vibracoustic India Limited (SVIL). Rs 135 crore.

Sigma Group sold its stake after transferring control of the joint venture’s four manufacturing plants in and around Chandigarh to its former partner. A source close to the matter told The Economic Times, “Finance was never the motive for the stake sale. The partners entered into the deal to pursue their personal business interests in the Indian market.”

The planned exit process began with the sale of SVIL shares by Sigma Group in 2013. With SFNNN completing the sale of shares last month. Jagdip Singh, chairman of Sigma Group, resigned from the management board of the joint venture along with other leading members.

Sigma Vibracoustic India Limited (SVIL) is a 50:50 joint venture between Sigma and Vibracoustic Germany established in 1998.The company has become a leading supplier and exporter of automotive vibration control products in China, including Mercedes-Benz, Volkswagen, Porsche, Audi, General Motors, and Ford.

Following the success of the joint venture, SIGMA formed a second joint venture with Freudenberg of Germany and NOK of Japan for the production of automotive and industrial oil seals called Sigma-Freudenberg-NOK. SFN supplies oil seals, O-rings and gaskets to domestic passenger car manufacturers. SFN also supplies components to the construction, power and agricultural sectors.

In 2013, Sigma effectively exited the OEM vibration isolation business with the sale of its 50% stake in the joint venture with Vibracoustic (Freudenberg).