US-based Global Telecommu-nications & Technologies Corporation (GT&T) has tied up with an Hyderabad firm for the transfer of technology for certain automobile products developed in the country.
Global Tlecommunications & Technologies Corporation will pay Sunlee Autos Products $10 million for the technology transfer.
According to Sunlees chairman and managing director K H Sastry, the agreement provides for the technology transfer fee being treated as the companys share in the $20-million joint venture to be set up in the United States.
Under the agreement the new joint venture company will buy bulk processed products from Sunlee and repack the same to market it in the US and 20 other countries.
Sunlee Auto Products will retain sole manufacturing and marketing rights in India and select Gulf countries.
The Indian firm has under its umbrella over a dozen products, most of which are automobile efficiency items related to internal combustion engines and products of aesthetic value for cars.
All the products have been tested and certified by the relevant authorities including the vehicle research and development establishment (VRDE) of the defence ministry and Maruti Udyog.
The company would soon be setting up a Rs 45-crore 100 per cent export-oriented unit at Kakinada to cater to the joint venture, Sastry said.
Sunlee has a manufacturing plant near Kakinada in Andhra Pradesh. Apart from the joint venture, the company has entered into an agreement with Maruti Udyog for recognising its products as genuine Maruti parts.
Sunlees product-range includes De-carb and Comprosel (both approved by VRDE) and Hi-coolant.
