Sandhar Technologies Enters Into A 50-50 Joint Venture With Winnercom
Sandhar Technologies Limited, a diversified auto component manufacturing company, with multiple technology platforms and product lines, has signed a Joint Venture agreement with Winnercom Co., Ltd (South Korea). The joint venture is being established for manufacturing and selling,inter-alia, electronic parts and accessories for the automotive industries in India which would include shark fin antenna and micro pole antenna and other products for the four-wheeler segment.
The signing of this JV, augments the already existing JVs with international partners of repute and further consolidates Sandhar’ s entry into the connected car devices market which is estimated to be worth 57.15 billion USD by 2021 driven largely by government regulations for safety and increasing electrification of vehicles and currently dominated by the world’s major auto-component players. This JV will help the Indian Auto majors in sourcing International quality products at a cheaper price.
Speaking on the occasion, the CEO of Winnercom Co., Ltd. Mr Seong Hoon Jeong said that this JV has the potential of not only having a positive impact on the Indian Automotive industry but also the global automotive industry. He also added that Winnercom has a pre-eminent position in the industry it operates, and its highly innovative products are aimed at catering to the customer needs in the area of vehicle Mobility and Connected Vehicles.
Mr Jayant Davar, Founder, Co-Chairman & Managing Director of Sandhar Technologies Limited emphasizes the importance of partnerships as a way to move forward. He said that the Indian market is big and growing. It is already the 4th Largest and is expected to be the 3rd largest by 2021. With a very low density of Cars per person in India and an expected revolution in Vehicle mobility and connected vehicles the high quality and innovative products that the Joint Venture company will supply has a huge potential.
The JV company is expected to commence commercial production and supplies by the beginning of the next financial year from its new factory premises in Bengaluru to the major OEM’s. The JV company shall ramp up its production and product range in a phased manner focusing on increased localization and indigenization of the material sourcing.