Auto ancillary company, Sandhar Technologies Limited (Sandhar) has signed a Joint Venture (JV) agreement with Whetron Electronics Co., Ltd., Taiwan (Whetron) for manufacturing and selling electronic parts and accessories for the automotive industries in India. Products under the JV include Rear Parking Assist System, Auto Parking, Cameras, Around View System, Driver Monitoring System, Digital Video Recorder, Blind Spot Detection, Door Open Alert, Lane Departure Alert, Rear Cross Traffic Alert, Tyre Pressure Monitoring System and Head-Up Display.
Both the stakeholders (Sandhar and Whetron) will hold 50% stake each in the JV. Shares will be issued to each at a face value of Rs10 per equity share. Sandhar did not mention financial details of the JV in the press release.
Sandhar Technologies recently debuted on stock exchanges with IPO worth ~Rs512cr. The IPO was subscribed more than 6 times. It raised Rs154cr from anchor investors. The anchor investors included a marquee list including DSP BlackRock Small Cap Fund, ICICI Prudential Indo Asia Equity Fund, SBI Equity Savings Fund, IDFC Tax Advantage (ELSS) Fund, Theleme Master Fund and Aurigin Master Fund.