After market hours yesterday, Haryana based automotive parts maker, Sandhar Technologies announced its JV with a South Korean company.
It stated that the JV is with Winnercom Co and for manufacturing and selling, electronic parts and accessories for the automotive industries in India which would include Shark fin antenna and micro pole antenna and other products for the four-wheeler segment.
The company has said, “The signing of this JV, augments the already existing JVs with international partners of repute and further consolidates Sandhar’s entry into the connected car devices market which is estimated to be worth 57.15 billion USD by 2021 driven largely by government regulations for safety and increasing electrification of vehicles and currently dominated by the world’s major auto component players. This JV will help the Indian Auto majors in sourcing International quality products at a cheaper price.”
The JV is expected to commence commercial production and supplies by the beginning of FY21 from its new factory in Bengaluru.
The stock price has reacted positively to this news, opening at its intraday high at Rs.283.10, rising almost 2.5%. Its 52-week is at Rs.405.80.
The company had come with an IPO last March at a price of Rs.332. It did get listed at Rs.345 but could not sustain over the IPO price for too long. The issue had met with a good response, subscribing over 6 times.