One of India’s leading automotive component conglomerates has purchased TitanX Engine Cooling.

On Tuesday, Tata AutoComp Systems Limited announced through a news release it has entered into an agreement to purchase TitanX, which is a global supplier of commercial vehicle engine and transmission cooling solutions, from EQT Opportunity and Fouriertransform.

Tata AutoComp Systems Limited, promoted by the Tata Group, offers services across the automotive value chain engineering, manufacturing and supply. Tata AutoComp has customers across vehicle sectors from passenger cars to utility to small and light commercial to medium and heavy commercial to agriculture.

TitanX has an engine cooling modules manufacturing facility located at 2258 Allen St., Jamestown. Matt Moore, TitanX North American president, said it is being estimated the sale will be finalized in about three months. He said there are no immediate changes planned for the Jamestown facility.

”Tata is a worldwide leader in the auto service industry, which gives us stability into the future,” he said. ”This will give confidence to our customers.”

Moore said the Jamestown facility has about 230 employees, with no immediate changes in personnel planned.

”There are no plans for hiring or firing as a result of this decision,” Moore said.

TitanX is one of several local businesses that have a flex-rate agreement with the Jamestown Board of Public Utilities. The BPU’s flex-rate agreement is an economic development tool used by the utility to assist area companies by slightly lowering energy costs, in exchange for a manufacturer’s commitment to invest in its local facility and work force.

”We really appreciate the continued support from the city and the BPU,” Moore said. ”It really helps us do business here in Jamestown and we are happy to have a new long-term owner to help us with that.”

Stefan Nordstrom, TitanX chief executive officer, said it is exciting to have a new owner in Tata AutoComp, who has been serving the automotive industry since 1995.

”Tata AutoComp will take a long-term strategic view and will enable us to take the next steps in our growth strategy,” Nordstrom said. ”With Tata AutoComp as a new owner, we will be working together to enhance our purchasing and operational efficiency. The acquisition gives us opportunities to further strengthen our role as a global partner of advanced cooling solutions of powertrains to our customers.”

Praveen Kadle, Tata AutoComp chairman, said TitanX represents state of the art powertrain cooling solutions with a global presence that fits perfectly into their future growth areas.

”We are confident that under the successful and experienced management in TitanX, it will be a great asset and will contribute to the growth of Tata AutoComp,” Kadle said.

Magnus Hillestad, director at EQT Partners and Investment Advisor to EQT Opportunity, said under EQT and Fourier’s ownership, TitanX has developed from a carve-out of three factories to a renowned and leading player in the global truck cooling market.

”We are proud to sell TitanX to Tata AutoComp, a great strategic owner for the continued development and growth of TitanX,” Hillestad said.