New Delhi: India's Best Group Tuesday announced it would set up a joint venture with Koki Technik Transmission Systems, one of the leading manufacturers of gear shift components in Europe.

The joint venture company, Best Koki Automotive Pvt Ltd, will manufacture gear transmission shifting parts. Best Group has interests in automative control cable manufacturing and engineering design services.

Koki Technik and Best Group would invest Rs.400 million ($9.3 million) each in the new entity.

"We will bring in the capital over the course of next three years, our products will be ready for the market by 2009," Best Group joint managing director Nitesh Jain said.

"We have confirmed orders for one upcoming model but I cannot disclose the name. We are also in talks with all major car manufacturers," he added.

Jain said the joint venture company would export 130,000 units to Koki Technik by the end of this financial year.

Nico Beltrame, managing director of Koki Technik, added that the company was not using the joint venture for outsourcing its manufacturing to India.