Italy-based Fontana Gruppo and the Bagla Group have signed definitive agreements to enter into partnership for the fasteners business in India.

"The strategic partnership with Bagla is a key milestone in our strategy to increase our footprint in emerging markets. India is the most promising economy in the world at this stage and we are committed to serve our global customers having a presence in India. Additionally, Fontana proposes to use the local manufacturing capabilities and engineering expertise in India to serve its customers in various countries,Giuseppe Fontana, Vice Chairman, Fontana Gruppo, said in a statement.

Rishi Kumar Bagla, head, Bagla Group, added, The partnership with Fontana will enable our fasteners business to acquire necessary technological expertise, size and scale, to become the largest fasteners manufacturer in India.

The Bagla Group is an automotive component supplier based in Western and Northern India and has interests in aluminum die casting, automotive fasteners, automotive electricals and refrigeration products. The group has several domestic and international automotive OEM customers including Bajaj, Fiat, Volkswagen, Maruti Chrysler, Rotax, GPM and Magna.

Fontana Gruppo of Italy is the global technology leader in the fasteners business with revenues of about $ 1 billion. It has over 4,200 employees and 20 production plants in Europe, the United States, Mexico, Brazil and now in India, as well as a sales organisation in all continents.

Its key customers are most of the world leading OEMs including FCA, Volkswagen Group, Ford, General Motors, Caterpillar, RNPO, PSA, Daimler, BMW, Tata, CNH, Cummins, Bajaj and the most important Tier 1 and General Industries.

Fontana has substantially scaled up its international operations through the acquisition of Acument Global Technologies in 2014, the largest fasteners company in the USA, with plants in the USA, Mexico and South America, and is now focused on expanding in key emerging markets of the world.

BMR Advisors, together with its Italian network firm, Translink Corporate Finance acted as financial and structuring advisors to the Bagla Group, while BMR Legal was the Legal Advisor.
CFO SIM and Yarpa acted as financial advisors to Fontana Gruppo while Studio Santa Maria and Dua Associates were the legal advisors.