Sandhar Technologies Ltd., a diversified auto component manufacturing company, with multiple technology platforms and product lines, signed on July 24 a joint venture agreement with Hanshin Corporation of Korea in the presence of several of joint venture partners.
The joint venture is for manufacturing and selling futuristic high-end data cables for the automotive industry in India which, including radio cables, AV/NAVI cables, GPS/DMB cables, USB cables, AVM cables and others for the four-wheeler segment.
The joint venture is yet another step towards expanding Sandhar’s presence into the lucrative connected car devices market through the ever-expanding automotive wiring harness market which is estimated to be around $80 billion in 2019 and projected to reach $120 billion by 2025, including the wires, connectors and terminals and would be a key component of the futuristic electric vehicle communication controllers. The market for such components is driven by the rising trend of integration of advanced features for increasing driving experience and growing demand for electric vehicles.
The JV company, with its production unit in Bengaluru, is expected to commence commercial production and supplies by the fourth quarter of FY 19-20.