Automotive component manufacturer Pricol Limited has signed a joint venture (JV) agreement with Zorg Industries of Hong Kong to manufacture, supply and sell parking assistance systems in India. Zorg will provide the technical expertise and Pricol the infrastructure to manufacture them. It would also support sales and distribution of original equipment.
According to a statement, the JV will see an initial investment of ₹6.5 crore and production capacity of one million units. It expects revenue of about ₹100 crore by 2019-2020 which is expected to double in three years. The focus immediately will be on production of parking sensors and the scope will expand to advanced camera, sensing and display technologies.
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