ASK Automotive & AISIN JV for Passenger Car Parts
Apr 24, 2024 19:56
ASK Automotive and AISIN Group have formed a joint venture to market and sell auto components for passenger cars in India, Nepal, Sri Lanka, and Bangladesh.
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.
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.
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