Business Standard

Board of ASK Automotive approves JV with AISIN Group Companies

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At meeting held on 24 April 2024

The Board of ASK Automotive at its meeting held on 24 April 2024 has granted their approval for entering into a joint venture with Aisin Asia (Thailand) Company, Thailand (AA-T) and AISIN Automotive Haryana, India, (AHL) (AA-T and AHL collectively referred to as AISIN Group Companies), for marketing and selling of the Independent After Market (IAM) parts for passenger cars, through a joint venture company, which will be incorporated after execution of Joint Venture Agreement.

The Company shall own 51% of the shareholding in the JV Co., and shall be infusing funds up to Rs. 10,71,00,000/- (in total), in one or more traches in the JV Co. out of which an amount of Rs. 51,00,000/- shall be infused at the time of incorporation of the JV Co. and accordingly the proposed JV Co. will be the subsidiary of the Company. Further, the remaining 49% shall be owned by AISIN Group Companies.

 

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First Published: Apr 24 2024 | 3:53 PM IST

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