JV aims to strengthen the companies' presence in the Independent After Market (IAM) for passenger car parts in India.
01 Aug 2024 | 6499 Views | By Autocar Professional Bureau
ASK Automotive Limited, a leading Indian automotive component manufacturer, has announced the incorporation of a new joint venture company named AISIN ASK INDIA PRIVATE LIMITED. This move comes as part of ASK Automotive's strategic partnership with Japan's AISIN Group, a global leader in automotive technology and components.
The joint ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
ASK Automotive Limited, a leading Indian automotive component manufacturer, has announced the incorporation of a new joint venture company named AISIN ASK INDIA PRIVATE LIMITED. This move comes as part of ASK Automotive's strategic partnership with Japan's AISIN Group, a global leader in automotive technology and components.
The joint venture, which was formally incorporated on July 30, 2024, as per the Ministry of Corporate Affairs, Government of India, aims to strengthen the companies' presence in the Independent After Market (IAM) for passenger car parts in India.
This development follows the execution of a Joint Venture Agreement (JVA) on April 24, 2024, between ASK Automotive Limited and AISIN Group companies, namely Aisin Asia (Thailand) Company Limited and AISIN Automotive Haryana Private Limited.
The primary focus of AISIN ASK INDIA PRIVATE LIMITED will be the marketing and selling of IAM parts for passenger cars in the Indian market. This strategic alliance is expected to combine ASK Automotive's strong domestic presence and manufacturing capabilities with AISIN's global expertise and advanced automotive technologies.
Industry analysts view this joint venture as a significant step for both companies to capture a larger share of India's growing automotive aftermarket sector. The collaboration is anticipated to offer Indian consumers a wider range of high-quality automotive components and strengthen the supply chain for aftermarket parts in the country.
ASK Automotive Limited, which recently went public and is now listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), has been expanding its footprint in the automotive component sector. This joint venture with AISIN Group is seen as part of the company's broader strategy to enhance its product portfolio and market reach.
The announcement was made by ASK Automotive Limited in compliance with SEBI regulations, underscoring the company's commitment to transparency and corporate governance as a listed entity.