ASK Automotive Limited Forms Strategic JV with AISIN Group for Independent Aftermarket Expansion

On April 24, 2024, ASK Automotive Limited informed the stock exchanges that the company had signed a strategic joint venture with a Japanese OE Auto Components Supplier, AISIN Group Companies.

Details of the Partnership 

ASK Automotive Limited, the largest manufacturer of brake shoes and advanced brake systems for two-wheelers in India, announced a landmark joint venture agreement with AISIN Group Companies to market and sell auto components in Independent Aftermarket (IAM) for passenger car products. The AISIN Group companies comprise AISIN Automotive Haryana Private Limited (AHL) and AISIN Asia (Thailand) Co. Ltd (AA‐T).

With this strategic partnership, both companies seek to expand their footprints across India, Sri Lanka, Bangladesh and Nepal for Independent Aftermarket of Passenger Car Products.

This joint venture is poised to bolster the deep distribution network strength of ASK Automotive and the prominent product excellence of AISIN Group Companies. This collaboration of resources and expertise strives to improve the accessibility of high‐quality passenger car products in the Independent Aftermarket for the end customers.

The company stated in the exchange filing that the joint venture agreement between ASK Automotive and AISIN Group Companies is subject to customary regulatory approvals and is expected to be completed in the coming months.

Commenting on the joint venture, the Chairman and Managing Director of ASK Automotive Limited, Mr Kuldip Singh Rathee, said, “As we embark on this journey with AISIN Group Companies, we are driven by our vision to deliver High Quality and Innovative Products meeting global standards in all Automotive Segments. This Joint Venture will enable us to leverage our collective expertise and resources to serve the Four‐Wheeler Passenger Car Segment in Domestic and International Aftermarket. This Venture will capitalise on ASK and AISIN Brands, providing a diverse portfolio to cater to evolving market demands.”

The Executive Director of ASK Automotive Limited, Mr Aman Rathee, said that the strategic joint venture will expand their Aftermarket Business prominently in India.

The President of Aisin Asia (Thailand), Mr Yasuhiro Nakamura, said, “We envision our joint venture with our esteemed partner ASK Automotive Limited not just as a collaboration, but as a convergence of expertise, culture, and innovation. Together, we journey toward success, shaping the future of the Indian Automotive Aftermarket sector to contribute to a safe and secure car life in India.”

On April 25, 2024, the share price of ASK Automotive Ltd opened at ₹322.00, touching the day’s high at ₹326.00, as of 9:46 AM on the NSE.

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