Intimation of Signing of Joint Venture Agreement.
ASKAUTOLTD · price
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ASK Automotive has signed a Joint Venture Agreement with Germany's T.D. Holding GMBH (TDH) to set up a new joint venture company in India. The JV will manufacture, market and sell sunroof control cables and helix cables for passenger vehicles, targeting OEMs, OE suppliers and Tier 1 suppliers. ASK will hold 49% and TDH will hold 51% in the JV, with TDH providing the technical know-how. The board of the JV will have 5 directors — 2 nominated by ASK and 3 by TDH. The JV Co. will be incorporated after execution of the agreement, and shares will be issued at face value of Rs. 10 each.
This expands ASK's product portfolio into sunroof and helix cables through a technology partnership with a German player, offering diversification beyond its existing business. Minority stake (49%) means TDH will control the JV, so the financial contribution and direct earnings impact on ASK may be limited, though the deal brings in global technology and a new revenue stream over time.