Sandhar Technologies forms JV with Korea’s Hanshin Corp for data cables in auto
JV will manufacture futuristic high end data cables for auto industry in India for the four-wheeler segment
The Gurugram-based Sandhar Technologies Ltd - a diversified auto component manufacturing company with multiple technology platforms and product lines – has formed a joint venture with Hanshin Corporation (Republic of Korea). The joint venture will manufacture and sell futuristic high end data cables for the automotive industry in India which would include Radio Cable, AV/NAVI Cable, GPS/DMB Cable, USB Cable, AVM Cable and others for the four-wheeler segment.
This 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 (EV) communication controllers. The market for such components are driven by rising trend of integration of advanced features for increasing driving experience and growing demand for electric vehicles.
The JV company will have its production unit in Bengaluru and is expected to commence commercial production and supplies by fourth quarter of FY 19-20.
Founded in 1985, the Sandhar Group is a fast growing auto component major with approximately 9,000 employees, 40 manufacturing plants and subsidiaries in Spain, Mexico and Poland.
Hanshin Corporation was established in 1990 and started production of Antennae pole for Daewoo in 1991. It is a renowned player in the field of high end data cables and around view monitoring harnesses for automobiles. Apart from two factories in Korea, it has a subsidary in China, and now through Sandhar JV will have its presence in India. Some of the end users and customers that Hanshin caters to include Chevrolet, Hyundai, Kia, Leoni, Delphi and Winnercom, among others.