COFIDES will assist Fersa Group, a multinational company from Zaragoza specialised in smart-mobility solutions and powertrain components for the automotive, wind energy and industrial sectors, in its consolidation in India.
To this end, it has provided a joint venture loan of 9.52 million euros from the FIEX (70%) and COFIDES' own resources, which Fersa Group will use to acquire 70% of the Indian company Delux Bearings, which manufactures bearings for the automotive and industrial equipment sectors. With this acquisition, Fersa Group aims to expand its production capacity and position itself as a leading supplier to the main global OEMs, in a country which is the world's second largest consumer of vehicles, and which is experiencing growing domestic demand.
COFIDES has supported Fersa Group since 2010 in the opening and expansion of its first factory in China, as well as the acquisition of a production company in Austria and another in the United States.
COFIDES chairman, José Luis Curbelo, said that “supporting Spanish companies in their growth and consolidation abroad is very gratifying. These are cutting-edge companies, with a high degree of specialisation, which compete effectively in the most demanding markets while at the same time increasing their activity abroad”.
Pedro Pablo Andreu, CEO of Fersa Group, said that "with this investment, Fersa Group is taking another step forward in its growth strategy, its commitment to sustainable technology and its global presence".
CONTRIBUTION TO THE SDGS
This project contributes to the achievement of Sustainable Development Goal 8, 'Decent work and economic growth'. It will thus contribute to the company's growth abroad.
ABOUT FERSA GROUP
Fersa Group is a Spanish multinational based in Zaragoza which specialises in the design, manufacture and distribution of mobility solutions, high performance bearings and electromechanical components for the OEM & T1 and Aftermarket sectors of automotive, industrial and energy applications. The company has a presence in five continents, with a global workforce of more than 850 employees and a global structure which includes six state-of-the-art production centres, nineteen distribution centres and four international R&D centres, which provide support and service to customers in more than 100 countries.
ABOUT COFIDES
COFIDES is a a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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