Auto components maker Sandhar Technologies today said it has inked a joint venture with South Korea's Daeshin Machinery for the manufacturing of parking brake lever and gear shifters.
The 50:50 joint venture will initially receive products or sub-parts from Daeshin for production and supply to OEMs in India and abroad, the company said in a statement.
Later on, the JV will localise the parts, which are agreed by both parties, and produce to supply to OEMs in India, it added.
Commenting on the partnership, Sandhar Technologies Co- Chairman & Managing Director Jayant Davar said it will enable the company to further strengthen its presence in the auto ancillary industry in India.
"By expanding our product portfolio, the joint venture 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," he added.
Daeshin Machinery Ind. Co Ltd President Jae Hyunn Lee said, "The auto industry (in India) 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."
The partners will jointly carry out a techno-market feasibility study to make a detailed plan of production and supply of products, factory set-up and marketing, the statement said.
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