Pricol links with Zorg Industries to make parking assistance systems
Pricol is to provide the infrastructure for the installing equipment with capacity to make up to one million units of parking assistance systems as well as to provide support for sales and distribution to the OE and aftermarket segments throughout India.
Coimbatore / China - Pricol Ltd of Coimbatore, a manufacturer of precision engineered components and testing equipment for the automotive, industrial and construction segments has entered into a joint venture agreement with Zorg Industries Ltd of Hong Kong, China to manufacture, supply and sell parking assistance systems in India. With an initial investment of USD1.02m Pricol is to own 60 per cent and Zorg, 40 per cent.
The product range made by this joint-venture is designed for all segments of the automotive industry including trucks and buses.
This investment is in response to new safety legislation that becomes effective after July 2019 stipulating reverse parking sensors is to be a mandatory feature for all passenger cars, trucks, trailers and buses manufactured after that date.
Vikram Mohan, managing director, Pricol Ltd, said: “With this long-term partnership, we believe both the companies will be able to participate in the growth of the Indian automotive market and ride the wave of safety regulation norms made mandatory by our government. The coming together of the robust state-of-the-art technology from the Zorg Industries and manufacturing excellence of Pricol will benefit the automotive sector in India and further strengthen our philosophy of frugal manufacturing together with process rigour.”
Todd Benoliel, CEO, Zorg Industries, said: “Parking assistance systems is a rapidly expanding sector in the Indian automotive market and this JV leverages the strengths of both Pricol and Zorg. The venture will provide the Indian market with a complete tech, sales, manufacturing and support solution. Both our organizations have developed a strong working relationship and trust. I am pleased to be working together with Pricol and their talented team. We are very confident that our partnership will be a long-term success.”
About Pricol
Pricol Limited, which is based in Coimbatore, India makes precision engineered components, sintered components, fleet management solutions and testing equipment for motorcycles, scooters, cars, trucks, buses, tractors and off-road vehicles.
About Zorg Industries
