US-based Federal-Mogul, an automotive component maker, has picked up 51% stake in Anand Group’s Perfect Circle India Limited for USD 4 mn.This follows Federal-Mogul’s acquisition of the engine bearings unit from the Anand Group’s Gabriel. It had last year also bought out industrialist Anil Nanda’s stake in his JV, Goetze India. The entity is listed on the Bombay Stock Exchange as Federal-Mogul Goetze India. Federal-Mogul has recently announced plans to build a new facility in Chennai to manufacture friction components for OEMs and aftermarket segments. The operations are expected to commence by September next year and produce light vehicle brake and friction components, commercial vehicle and railway friction products.

Perfect Circle claims to be the largest exporter of piston rings in India. It also supplies materials to both the original equipment manufacturers and the aftermarkets. Perfect Circle was established as a joint venture between the Anand Group and Dana Corporation of US. Anand Group bought out stake of Dana in May last year and later delisted the company in September. Anand Group has a sales turnover of USD 634 mn and expects it to go upto USD 1.3 bn by 2010. The export market currently accounts for about 15% of the total sales of its existing products.