Unitech Machines Ltd, Rs 700 crore auto components major, has signed an agreement with Italy-based Magneti Marelli for the creation of a joint venture aimed at the manufacturing of motor vehicle electronic system in India with a digital technology.

Under the agreement, the new company will be 51% owned by Magneti Marelli and 49% owned by Unitech Machines Limited.  

Magneti Marelli, a Fiat Group company, is engaged in designing, production and distribution of advanced systems and components for the automotive industry.

While, Unitech Machines Limited is one of the fastest growing diversified engineering company in the country, which operates in various sectors, such as Power, Telecom, Automotive and Infrastructure.

The Joint venture is expected to be operational by the end of the first quarter of 2009.