Carraro, a group in transmission systems for off-highway vehicles and specialised tractors, and Bhavani, a manufacturer and supplier of high precision components and assemblies, agreed to form a joint venture. Financial terms were not disclosed. "This joint venture confirms the strategic importance of India for Carraro Group. We have been entering the subcontinent since the 1990s, gradually strengthening our presence there. Today we have two manufacturing plants and an R&D center in Pune, with more than 1k employees. By partnering with Bhavani Group, we will be able to further consolidate our expertise and expand our offering to our partners," Enrico Carraro, Carraro Chairman.