Sandhar Technologies has partnered with Daewha Fuel Pump, a fully owned subsidiary of Korea's Daewha Group, to scale up its components business and venture into the area of fuel system parts. The new company will based in Gurugram.
Sandhar, a Tier 1 supplier, which specialises in automotive latches and lock systems, now aims to expand its product portfolio to include parts like electric fuel pumps, EFI fuel pumps, mechanical fuel pumps, starter motors, ACG, oil filters and wiper blades.
According to Jayant Davar, co-chairman and managing director, Sandhar Technologies, "The JV is a step in the direction of Sandhar's aspiration of becoming a more diverse supplier to the Indian auto sector."
While Daewha will provide the technology, know-how transfer as well as parts sourcing from Korea, Sandhar will be responsible for the manufacturing, local operations and legal and statutory matters of the new corporation.
Speaking at the JV signing ceremony, (H.E) Cho Hyun, Ambassador to the Embassy of the Republic of Korea, said, “Korea and India share a special bilateral relationship, being two big dynamic democracies of the world. The two countries will only look towards a blossoming future, by being strategic partners in a number of diverse sectors.”
Also read: Interview with Sandhar Technologies Jayant Davar: ‘This is, perhaps, the most dynamic period of evolution in auto.’