Sandhar Technologies who have been a key player in the Indian OEM market for over twenty years has signed a joint venture deal with Daeshin Machinery Ind Co Ltd Korea. Sandhar Technologies has been on the Indian automotive map since 1987, and have a large portfolio of products that supply safety and security systems of vehicles with a pan India presence and a growing international footprint. Through the deal, both companies will supply parking brake lever and gear shifters to manufacture & supply mutually agreed products to OEMs in India and abroad.
Daeshin who have a wealth of experience in manufacturing these particulars will handle the manufacturing in Korea and will supply OEMs through Sandhar’s existing market network in India.According to the agreement, both Sandhar and Daeshin shall respectively hold 50% of the equity shares in the newly formed joint venture. In the first stage, Daeshin will send products or sub-parts to the joint-venture to facilitate the joint venture's production and supply to OEMs in India and abroad. In the second stage, the joint-venture will localize the parts which are agreed by both parties and produce and supply to OEMs in India.
Commenting on the new development, Mr. Jayant Davar, Co-Chairman & Managing Director, Sandhar Technologies Limited said, “We are delighted to announce the signing of the JV Agreement with Daeshin Machinery Ind. Co. Ltd which will enable us to further strengthen our 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.”
Jae Hyunn Lee, President, Daeshin Machinery Ind. Co. Ltd. said, “We are happy to be collaborating with Sandhar Technologies Limited in India to bring our products and technology to the Indian market. The auto industry 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.”