New Delhi, Dec 20 (PTI) Auto components maker SandharTechnologies today said it has inked a joint venture withSouth Korea's Daeshin Machinery for the manufacturing ofparking brake lever and gear shifters.
The 50:50 joint venture will initially receive productsor sub-parts from Daeshin for production and supply to OEMs inIndia and abroad, the company said in a statement.
Later on, the JV will localise the parts, which areagreed by both parties, and produce to supply to OEMs inIndia, it added.
Commenting on the partnership, Sandhar Technologies Co-Chairman & Managing Director Jayant Davar said it will enablethe company to further strengthen its presence in the autoancillary industry in India.
"By expanding our product portfolio, the joint venturewill enable us to support a bigger market. We are sure thiswill mean technological advancements in the auto componentindustry, supporting the market with latest technology andinnovation," he added.
Daeshin Machinery Ind. Co Ltd President Jae Hyunn Leesaid, "The auto industry (in India) is on a growth trajectorywith the entire sector, along with the auto componentssegment, expected to see positive advancements in the comingyears. We look forward to being a part of this growth storywith our partner Sandhar Technologies." The partners will jointly carry out a techno-marketfeasibility study to make a detailed plan of production andsupply of products, factory set-up and marketing, thestatement said. PTI RKLMR.
This is unedited, unformatted feed from the Press Trust of India wire.