New Delhi: Korea based vehicle parts maker Kwangsung Corporation has shaped a joint undertaking with the Gurgaon-based Sandhar Technologies to manufacture plastic moulded elements and add-ons for the passenger and utility cars phase in India. Under this JV, Kwangsung Corp will circulate the number of the manufacturing bases of its existing product traces to India to make the u. S. A nodal factor of their exports.
“We are currently making around 500 products in Korea for the auto enterprise. With our first global partnership with India we’re looking forward to producing all them here in coming years to cater to the markets of Europe and US” stated Minsoo Sung, President and CEO, KwangSung Corporation at the sidelines of JV signing ceremony.
The manufacturing of the products could be performed in phases depending on the capital expenditure worried. Products such as glove boxes, Sun-Visors, Anti-chipping, Cargo display screen, may be produced in phase I, beginning 2019, as they require much less capital investment, Sung brought. In the second section the duo has plans to regionally broaden light weighting fabric technologies for passenger vehicles and electric powered automobile additives.
“The new technologies of light wieghting material and electric car which can be maximum possibly to be brough up in India like electric powered cars will expand over a time frame. With this JV Sandhar is to bring on the manufacturing tiers which might be prevalent in Korea into India and keep to have the same pleasant requirements at possibly extra comparative charges which make a win-win situation for both the companies and clients” said Jayant Davar, co-chairman and coping with the director, Sandhar Technologies.
Commenting at the region of the facility he added that at this point both of agencies are zeroing into south of India because it’s the port for export. On the revenue the front, Davar is watching for that the impartial unit will generate a revenue of Rs 350 crore in more than one years.