Latest News | ASK Automotive, AISIN Group Enter into JV for Passenger Car Segment
Get latest articles and stories on Latest News at LatestLY. Auto parts maker ASK Automotive on Wednesday said it has entered into a joint venture pact with Japanese auto components supplier AISIN Group Companies in the passenger vehicle space.
Mumbai, Apr 24 (PTI) Auto parts maker ASK Automotive on Wednesday said it has entered into a joint venture pact with Japanese auto components supplier AISIN Group Companies in the passenger vehicle space.
As part of the collaboration, the two partners will market and sell the auto components in "independent after markets for passenger car production", ASK Automotive said in a statement.
The pact is subject to regulatory approvals and is anticipated to be completed in the coming months, it said.
ASK Automotive is into manufacturing of brake shoes and advanced braking systems for two-wheelers, while AISIN Group comprises AISIN Asia (Thailand) Co Ltd and AISIN Automotive Haryana Pvt Ltd.
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With this strategic collaboration, both companies aim to expand their footprints across India, Nepal, Sri Lanka, and Bangladesh for independent aftermarket in the segment, the statement said.
"This joint venture will enable us to leverage our collective expertise and resources to serve the four-wheeler passenger car segment in domestic and international aftermarket," said Kuldip Singh Rathee, Chairman and Managing Director, ASK Automotive Ltd.
Yasuhiro Nakamura, President of Aisin Asia (Thailand), said, "Together, we journey toward success, shaping the future of Indian automotive aftermarket sector to contribute to a safe and secure car life in India."
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)