Pricol Limited, a leading manufacturer of automotive components and solutions provider for the global automotive market, has announced an exclusive Joint-venture agreement with Zorg Industries (Hong Kong) Limited to manufacture, supply and sales of Parking Assistance Systems for the Indian market. In this joint venture, Zorg Industries, a global leader of Advanced Driver Assistance Systems, will provide the technical expertise in sensing, vision technology and manufacturing process. Pricol Limited will provide the infrastructure for the manufacture of Parking Assistance Systems as well as the support for sales and distribution across OE and aftermarket segment.
As per the new safety norms enforced by the Government of India, Reverse Parking Sensors will become a mandatory feature for all passenger cars manufactured after July 2019 and this Joint Venture will help Pricol to be market ready to address this opportunity.
With an initial investment of Rs 6.5 crore (USD 1 Million) and an initial production capacity of 1 million units, this joint-venture will lay the foundation for a long-term partnership. With an initial focus on the production of parking sensors, this joint venture will expand its scope to advanced camera, sensing and display technologies. The product portfolio that will be made available through this Joint-venture, will cater to all segments of the commercial and passenger vehicles in India including the aftermarket. This joint-venture will be a subsidiary of Pricol limited with a shareholding of 60% and 40% from Pricol Limited and Zorg Industries respectively.
The Joint Venture expects a revenue of around Rs 100 Crore (Rs 1 billion) by FY 19-20 and it is expected to double in the next 3 years.
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