Coimbatore-based component manufacturer Pricol today signed a Letter of Intent (LOI) to form a joint venture (JV) with Israel-based Pointer Telocation for providing advanced telematics and IoT solutions in India and South East Asia.
With AIS 140 standard for intelligent transport systems, vehicle tracking systems becomes a mandatory feature for all public transport vehicles and commercial vehicles requiring national permit beginning January 2019. The partners aim to provide a variety of telematics solutions to both OEMs and the aftermarket segments to tap into the opportunity.
Pricol says it will bring its robust manufacturing capabilities as well as strong sales and distribution network in the OEM and aftermarket segment. While, Pointer will provide its capabilities in design and development of telematics solutions, and its strong sales network of telematics service providers, system integrators and mobile operators. The proposed JV will see Pointer having a stake of 51 percent, while Pricol wil lhold 49 percent stake.
Vikram Mohan, managing director, Pricol, said: "With this partnership, we will be the one stop provider for telematics solutions to our customers. Pricol is one of the leading telematics hardware supplier for OEMs in India with an installed base of more than 100,000 vehicles. Pointer's cutting edge technology, large R&D workforce, and global presence combined with Pricol's manufacturing excellence will enable us to be a leading player in the Asian market to provide state-of-the-art telematics solutions."
David Mahlab, CEO, Pointer Telocation, said, "Through a strong partner network Pointer has successfully deployed about 150,000 telematic units in the Indian market and over 3 million units across the globe. This joint venture will help both companies increase our foothold in both the OEM segment and the aftermarket utilising Pricol's capabilities and Pointer's success thus far such as in the Nissan India Connected Car project."
Also read: Delhi based start-up launches vehicle tracking device conforming AIS 140
Pricol’s new vehicle tracking device gets ARAI certification