BRUSSELS -- WABCO Holdings Inc. said today it has completed a plan to raise its ownership position in its joint venture, WABCO-TVS (India) Ltd., to 75 percent. The move further strengthens not only WABCO's presence in India but also its capabilities to connect with and grow in all of the world's emerging markets, according to the company.

WABCO-TVS (India) Ltd. designs, manufactures and markets conventional braking products, advanced braking systems and other related air compression products and systems, directly serving customers locally and internationally through WABCO.

Based on a court-approved plan, WABCO on June 3 increased its equity investment to 75 percent from 39.2 percent in WABCO-TVS (India) Ltd., and also transferred to the TVS group its holding in Sundaram-Clayton Limited, which contains the non-brakes business of its Indian joint venture.

WABCO-TVS (India) Ltd. employs more than 1,000 people, and reported approximately $95 million in sales in its fiscal year 2008-2009. WABCO has participated successfully in this joint venture for more than 40 years.

"Taking majority control of this world-class, award-winning company marks another major step in expanding WABCO's global network of manufacturing, sourcing and engineering capabilities, while enhancing WABCO's already broad and successful footprint in Asia. We will also be able to further leverage WABCO-TVS's unique engineering and product development platform, which is capable of understanding the specific needs of emerging markets," said Jacques Esculier, WABCO chairman and CEO. "We are thankful to the TVS Group for its key role in establishing our long-term partnership as one of the world's foremost contributors to the commercial vehicle industry, particularly in India."