Diversified automotive component manufacturer Sandhar Technologies, which has multiple technology platforms and product lines, has signed a joint venture agreement with Hanshin Corporation of the Republic of Korea for manufacture and sale of futuristic high-end data cables for the automotive industry in India. The product range will include radio cable, AV/NAVI cable, GPS/DMB cable, USB cable and AVM cable for the four-wheeler segment.
This joint venture marks yet another step towards expanding Sandhar’s presence into the lucrative connected car devices market through the ever expanding automotive wiring harness market which is estimated to be around US$ 80 billion (Rs 552,480 crore) in 2019 and projected to reach US$ 120 billion (Rs 828,720 crore) by 2025 including the wires, connectors and terminals and would be a key component of the futuristic electric vehicle communication controllers.
L-R: S C Lee, Director, Daeshin Machinery Ind; D O You, Chairman, Daewha Fuel Pump Ind; Y K Cho, President, Hansung I.M.P. Co; M J Lee, Representative Director, Hanshin Corporation; Jayant Davar Co-Chairman and MD; Sandhar Technologies; M S Sung, President, Kwangsung Corporation; Arvind Joshi, whole-time director, CFO and company secretary Sandhar Technologies; Niraj Hans, COO Sandhar Automotives; J H Lee, Advisor, Sandhar Technologies and K Y Lee, Director, Hanshin Corporation.
The market for such components is driven by rising trend of integration of advanced features for increasing driving experience and growing demand for electric vehicles.
The JV company will have its production unit in Bangalore and is expected to commence commercial production and supplies by the fourth quarter of FY2020.
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