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Nipman Fastener, Korea’s IL-Ryung ink pact on auto components

 DerrickIV
  33
 June 2, 2024

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NEW DELHI: Automotive component maker nipmann Fastener Industries and South Korea’s IL Together-Ryung Co have entered into a technological partnership to manufacture steering components and sub-components with an investment of around $35,000,000 (over Rs. 2.2 billion).

Nipman Fastener Industries in a statement, the manufacturer of these parts will initially be located in the NCR region and will later expand to better serve potential customers.

The new tie-up is expected to start production in the last quarter of the current fiscal, he said, adding that once the project is completed, it could generate business of around Rs 350-40 crore.

Nipman manufactures standard and specialty fasteners, studs and other cold forged engine components and operates four manufacturers.

Ilryong is a company that owns 50 Four Wheeler Auto Parts Supply has been in business for many years. Last year, sales amounted to 87 thousand dollars. million dollars.

With our state-of-the-art facilities, we are the best supplier to fulfill the global needs of OEMs such as Hyundai, Kia, Ssangyong, and GM.

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