Sandhar Technologies, Gurugram, has made a Joint Venture Agreement with Kwangsung Corporation, Republic of Korea. The joint venture will be manufacturing and selling, inter-alia, interior and exterior plastic molded parts and accessories for the passenger and utility vehicles segment which would include Sunvisor, Cargo Screen, Black-Out Tape, Glove Box & several other Blow-moulded products in a phased wise manner.
Kwangsung Corp will relocate some of the manufacturing bases of its existing product lines to India making the country a nodal point of their exports.
The manufacturing of the products will be done in two phases depending on the capital expenditure involved. In the first phase, products such as glove boxes, Sun-Visors, Anti-chipping, Cargo screen, will be produced starting in 2019, as they require less capital investment. In the second phase, the two partners have planned to locally develop light-weighting material technologies for passenger cars and electric vehicle components.
Minsoo Sung, President and CEO, KwangSung Corporation, said, “We are currently making around 500 products in Korea for the auto industry. With our first global partnership with India we are expecting to produce all them here in coming years to cater to the markets of Europe and US.
Jayant Davar, co-chairman and managing director, Sandhar Technologies, commented, “The new technologies of light-weighting material and electric vehicle that are most likely to be brought up in India like electric vehicles will develop over a period of time. With this JV Sandhar is to bring forth the manufacturing levels that are prevalent in Korea into India and continue to have the same quality standards at perhaps more comparative prices which makes a win-win situation for both the companies and customers.”