Fiem Industries may sign joint ventures with Honda Locks, Toyo Denso_Fiem Industries may sign joint ventures with Honda Locks, Toyo Denso

Fiem Industries may sign joint ventures with Honda Locks, Toyo Denso

May 21, 2024

NEW DELHI: Auto component maker Industries is exploring new opportunities as the company has set up at least two new joint ventures to diversify its products and expects to double its revenues in the next four to five years.

Hondada Rox, a subsidiary of the Sonepat-based auto component maker and Honda Motor A Memorandum of Understanding (MoU) was signed. The MoU will soon turn into a joint venture.

The company is yet to decide on the investment pattern of the joint venture, but will use the existing land in Tapukarara to manufacture components for the new company. “The investment in the coming year will be around Rs 2.5 crore for major investment in machinery and equipment,” Jain said.

According to industry sources, Fiem is also in final talks with Toyo Denki, another Japanese component maker, to sign a joint venture agreement for automotive switches and other products.

A source familiar with the matter said, “The two companies are in the final stages of negotiations and an agreement could be signed in the coming weeks.” He added that the component maker is targeting an annual turnover of Rs 40 billion by 2020.

A few days ago, Fiem also had contracts to manufacture canisters from Japan’s Aisanstries Industry Co. Ltd. and a technology license and support agreement with Toyota Tsusho Ltd. of Japan. This cooperation is strictly based on royalties.

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