Pricol signs JV agreement with Zorg Industries

09 Nov 2017 Evaluate

Pricol has signed an exclusive Joint-venture (JV) agreement with Zorg Industries (Hong Kong) to manufacture, supply and sales of Parking Assistance Systems for the Indian market. In the joint venture, Zorg Industries will provide the technical expertise in sensing, vision technology and manufacturing process. Pricol 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.

With an Initial investment of Rs 6.5 crore ($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. The joint-venture will be a subsidiary of Pricol with a shareholding of 60% and 40% from Pricol and Zorg Industries respectively.

Pricol is an automotive components and precision engineered products manufacturer based in Coimbatore, India.

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