To manufacture and sell parking assistance sytems in Indian markets
Pricol announced a joint venture agreement with Zorg Industries (Hong Kong) to manufacture, supply and sale of parking assistance sytems for the Indian markets.In this joint venture, Zorg Industries will provide the technical expertise in sensing, vision technology and manufacturing process. Pricol will provide the infrastructure for the manufacture of parking assistance systems as well as support for sale and distribution across OE and aftermarket segment.
As per the new safety norms enforced by the Govt. of India, Reverse Parking Sensor will become a mandatory feature for all passenger cars manufactured after July 2019 and this joint venture will help Pricol to be market ready to address this opportunity.
This joint venture expects a revenue of around Rs 100 crore by FY 2019-20 and it is expected to double in next three years.
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