Auto component producers Sandhar Technologies has signed a Joint Venture agreement with Kwangsung Corporation Ltd (South Korea) in the presence of Hai Kwang Lee, Minister of the Embassy of the Republic of Korea in India, for
manufacturing and selling, inter-alia, interior and exterior parts, plastic moulded parts and accessories for the passenger and utility vehicles segment in a phased manner.
The Joint Venture will introduce Light-to-Ultra-light, illuminated sliding Sun Visors to provide customers, superior performance and high-quality interior solutions, design, develop and manufacture Cargo Screens used in SUVs and MUVs and also offer customised black out tapes and Anti-Chipping tapes solutions for Automobile exterior protection and aesthetics.
Chairman of Kwangsung Corporation, Pilho Sung, said that this JV will not only have a positive impact on the Indian and Korean Automotive Industries but also the Global Automotive Industry. He was hopeful that the New JV company will contribute positively to the Indian Society, people’s happiness and economic development.
Minsoo Sung, CEO and President, Kwangsung Corporation added that the Corporation has a pre-eminent position in the industry it operates, developing new technology, materials and methods putting in place a strong R&D imprint in products, be it energy conservation, impact mitigation, safety embedment, acoustic challenges, appearance & texture evolution to customer’s delight, especially in the realm of passenger car cabin space modules and components.
Jayant Davar, Founder, Co-Chairman & Managing Director of Sandhar Technologies Limited exhibited exuberance and stated that the global automotive interior market is projected to grow from $235.59 billion in 2017 to $301.56 billion in 2022. This growth is attributed to the increasing need for comfort and convenience features and advanced styling for automotive interior components, he said.
Founded in 1985, the Sandhar Group is a fast growing auto component major with over 8500 employees, 34 plants and subsidiaries in Spain, Mexico and Poland.