The joint venture company will manufacture fuel pump module and IC connector assembly for two-wheelers and three-wheelers.
Shares of Fiem Industries added 6.2 percent intraday Monday on signing MoU with Japanese firms Aisan Industry and Toyota Tsusho Corporation.
"..... has signed a memorandum of understanding with Japanese firms Aisan Industry and Toyota Tsusho Corporation for establishing a joint venture company in India," company said in release.
"The joint venture company will manufacture fuel pump module and IC connector assembly for two-wheelers and three-wheelers," it added.
Fuel pump module will become mandatory for two-wheelers and three-wheelers w.e.f. April, 2020 under Bharat Stage VI (BS VI) regime.
This is an advanced Emission Control System Product, which will have huge market in India under BS VI norms, said Fiem Industries.
A meeting of the board of directors of the company will be held on December 04 to consider and approve the standalone un-audited financial results of the company for the quarter ended September 30, 2017.
At 10:56 hrs FIEM Industries was quoting at Rs 935.30, up Rs 41.50, or 4.64 percent on the BSE.
Posted by Rakesh Patil
