Auto components manufacturer TATA AutoComp and Skoda Group on Wednesday announced the establishment of a joint venture to produce railway propulsion systems and components in India with plans for a multi-million euro investment in the country. This partnership is aimed at supporting the growing Indian railway and mobility markets TATA AutoComp said in a statement. What does TATA AutoComp Do? Skoda Group is a leading European manufacturer of components and vehicles for public transport. On the other hand TATA AutoComp has a significant market position in providing systems and components for electric vehicles. This partnership will diversify TATA AutoComps portfolio and strengthen its capability in railway and metro segment the company said. TATA AutoComp further said it aims to bring sustainable innovations in mobility solutions at an affordable cost specifically catering to rolling stock in India. How Will Tata Help Indian Railway? The new company jointly owned by the two partners will focus on manufacturing converters drives and auxiliary converters for medium high-speed and regional trains metros and light rail vehicles the statement said. Manufacturing operations will be based in India. The joint venture involves a multi-million-euro investment and is expected to bring economic and technological benefits to the region it added. Tata AutoComp Vice-Chairman Arvind Goel said Our collaboration with Skoda Group is set to enhance our footprint in the Indian Railway and Metro sector by enabling the introduction of state-of-the-art electrical propulsion systems and components. Skoda Group CEO and Chairman of the Board of Directors Petr Novotny saidTogether with TATA AutoComp we are bringing advanced technology and expertise to India a testament to years of development and proven solutions in operation not only in the Czech Republic but also in other European countries.  (With Inputs From PTI)