ASK Automotive Limited has announced a landmark joint venture agreement with AISIN Group Companies, including AISIN Asia (Thailand) Co. Ltd. (“AA-T”) and AISIN Automotive Haryana Private Limited (“AHL”). This collaboration is set to market and sell auto components in the independent aftermarket for passenger car products across India, Nepal, Sri Lanka, and Bangladesh.
The joint venture aims to combine ASK Automotive's extensive distribution network with the high-quality product range of the AISIN Group, renowned for its excellence in original equipment (OE) auto components. This strategic alliance is expected to significantly enhance the accessibility of premium passenger car products in the independent aftermarket, catering to a growing demand in the region.
Kuldip Singh Rathee, Chairman and Managing Director of ASK Automotive, expressed enthusiasm about the venture, stating, 'This joint venture marks a pivotal step in our strategy to diversify our portfolio and strengthen our presence in the four-wheeler passenger car segment, both domestically and internationally. By combining our deep market penetration with AISIN's renowned product quality, we are set to deliver innovative products that meet global standards across all automotive segments.'
The collaboration is poised to capitalise on the synergistic potential of both companies, enhancing their ability to serve the expansive automotive aftermarket. Aman Rathee, Executive Director of ASK Automotive, highlighted the expected success of the venture, 'Our strategic joint venture with AISIN Group Companies promises to significantly expand our aftermarket business in India. The synergy created by ASK and AISIN will enable us to effectively meet the evolving needs of our customers in the independent aftermarket ecosystem.'
From the AISIN side, Yasuhiro Nakamura, President of Aisin Asia (Thailand), emphasised the holistic benefits of the partnership, 'Our collaboration with ASK Automotive is not merely a business agreement but a convergence of expertise, culture, and innovation. We are committed to jointly shaping the future of the Indian automotive aftermarket sector and contributing to safe and secure car life in the region.'
The joint venture agreement is currently pending customary regulatory approvals and is anticipated to be finalised in the upcoming months. This strategic move is expected to set a new standard in the automotive aftermarket, providing a diverse portfolio of high-quality, innovative products tailored to meet the specific needs of customers across South Asia.
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