Automotive component supplier Sandhar Technologies Limited has formed a joint venture (JV) with Daeshin Machinery, Korea to manufacture and supply products to OEMs in India and abroad. The joint-venture company, with 50% equity share for both the companies, will manufacture and sell automotive products such as gear shifters, automatic shifters, manual shifters, parking brake levers, e-shifters etc. The companies will jointly conduct a Techno-market feasibility study to make a detailed plan of production and supply of products, factory set-up and marketing.
Initially, Daeshin will send products or sub-parts to the JV company to facilitate its production. In the second stage, it will localize the parts and produce and supply to OEMs in India.
“We are delighted to announce the signing of the JV agreement with Daeshin Machinery which will enable us to further strengthen our presence in the auto ancillary industry in India. It will enable us to support a bigger market. We are sure this will mean technological advancements in the auto component industry, supporting the market with latest technology and innovation,” said Jayant Davar, Co-Chairman and Managing Director, Sandhar Technologies.
“We are happy to be collaborating with Sandhar Technologies Limited in India to bring our products and technology to the Indian market. The auto industry is on a growth trajectory with the entire sector, along with the auto components segment, expected to see positive advancements in the coming years. We look forward to being a part of this growth story with our partner Sandhar Technologies,” said Jae Hyunn Lee, President, Daeshin Machinery.