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Pri­col join hands with Zorg to make park­ing as­sis­tance sys­tems

Pri­col Lim­ited, a lead­ing man­u­fac­turer of au­to­mo­tive com­po­nents and so­lu­tions provider for the global au­to­mo­tive mar­ket, has an­nounced an ex­clu­sive Joint-ven­ture agree­ment with Zorg In­dus­tries (Hong Kong) Lim­ited to man­u­fac­ture and sup­ply Park­ing As­sis­tance Sys­tems for the In­dian mar­ket.

In this joint ven­ture, Zorg In­dus­tries, a global leader of Ad­vanced Driver As­sis­tance Sys­tems, will pro­vide tech­ni­cal ex­per­tise in sens­ing, vi­sion tech­nol­ogy and man­u­fac­tur­ing process. Pri­col will pro­vide the in­fra­struc­ture for the man­u­fac­ture of Park­ing As­sis­tance Sys­tems and sup­port their sales and dis­tri­bu­tion across OE and af­ter­mar­ket seg­ment.

As per the new safety norms en­forced by the Gov­ern­ment of In­dia, re­verse park­ing sen­sors will be­come a manda­tory fea­ture for all pas­sen­ger cars man­u­fac­tured af­ter July 2019 and this Joint Ven­ture will help Pri­col to be mar­ket ready to ad­dress this op­por­tu­nity. With an ini­tial in­vest­ment of Rs 6.5 crore (USD 1 Mil­lion) and an ini­tial pro­duc­tion ca­pac­ity of 1 mil­lion units, this joint-ven­ture will lay the foun­da­tion for a long-term part­ner­ship. With an ini­tial fo­cus on the pro­duc­tion of park­ing sen­sors, this JV will ex­pand its scope to ad­vanced cam­era sens­ing and dis­play tech­nolo­gies. The prod­uct portfolio that will be made avail­able through this Joint ven­ture, will cater to all seg­ments of the com­mer­cial and pas­sen­ger ve­hi­cles and the af­ter­mar­ket in In­dia. This joint-ven­ture will be a sub­sidiary of Pri­col Ltd with a share­hold­ing of 60% and 40% from Pri­col and Zorg In­dus­tries, re­spec­tively.

The joint ven­ture ex­pects a rev­enue of around Rs 100 crore by FY 19-20. It is ex­pected to double in 3 years. Vikram Mo­han, Man­ag­ing Direc­tor, Pri­col Lim­ited said, “With this long-term part­ner­ship, we be­lieve both the com­pa­nies will be able to par­tic­i­pate in the growth of the In­dian au­to­mo­tive mar­ket and ride the wave of safety reg­u­la­tion norms made manda­tory. The com­ing to­gether of the ro­bust state-of-the-art tech­nol­ogy from the Zorg In­dus­tries and man­u­fac­tur­ing ex­cel­lence of Pri­col will ben­e­fit the au­to­mo­tive sec­tor in In­dia and fur­ther strengthen our phi­los­o­phy of fru­gal man­u­fac­tur­ing to­gether with rig­or­ous process.”

Todd Beno­liel, Chief Ex­ec­u­tive Of­fi­cer of Zorg In­dus­tries (Hong Kong) Lim­ited said, “Park­ing As­sis­tance Sys­tem is a rapidly ex­pand­ing sec­tor in the In­dian au­to­mo­tive mar­ket and this joint ven­ture lever­ages the strengths of both Pri­col and Zorg to ful­fil the mar­ket re­quire­ment for such sys­tems. The ven­ture will pro­vide the In­dian mar­ket with a com­plete tech, sales, man­u­fac­tur­ing and sup­port so­lu­tion. Both our or­gan­i­sa­tions have de­vel­oped strong work­ing re­la­tion­ship and trust. I am pleased to be work­ing to­gether with Pri­col and their tal­ented team. We are very con­fi­dent that our part­ner­ship will be a longterm suc­cess”

With over 40 years of ex­per­tise in the au­to­mo­tive com­po­nents busi­ness, Pri­col’s per­for­mance is driven by over 30 patents, 11 man­u­fac­tur­ing units and 5 In­ter­na­tional busi­ness of­fices in In­dia, Indonesia, Brazil, USA, Ger­many, Sin­ga­pore, Thai­land, Mex­ico, Czech Re­pub­lic and Ja­pan.

Zorg In­dus­tries, founded in 1998 as a so­lu­tion provider through re­search & de­vel­op­ment, has grown to be­come a global leader in the de­vel­op­ment and man­u­fac­ture of ad­vanced slow ma­noeu­vring safety so­lu­tions for all ve­hi­cle types. Zorg cur­rently sup­plies Ad­vanced Driver As­sis­tance Sys­tems (ADAS) glob­ally to car man­u­fac­tur­ers at both af­ter­mar­ket and ODM/OEM lev­els. Zorg now has of­fices in Aus­tralia, USA, UK, Thai­land, Ja­pan, Hong Kong and China and has R&D and man­u­fac­tur­ing fa­cil­i­ties in China. Zorg prod­ucts are dis­trib­uted world­wide.

Sid­dharth Manoha­ran, Busi­ness Strat­egy, Pri­col, Vikram Mo­han, MD, Pri­col, Todd Beno­liel, CEO, Zorg In­dus­tries Lim­ited, Sun­darara­man G, Pres­i­dent, Pri­col

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