 "Fiem Industries ties with two Japanese firms to make auto components")
As a part of its product diversification strategy, the New Delhi-headquartered Fiem Industries Ltd, an auto components maker, has signed a technology license and assistance agreement (TAA) with two Japanese companies - Aisan Industry Co Ltd and Toyota Tsusho Corporation - for manufacturing canister, which is used in automotive industry, in the country.
The demand for canister, an emission control system product, is expected to witness robust growth in India due to implementation of stricter emission norms for two and three wheelers, which will become mandatory with effective from April 1, 2017. Under the agreement, canister will be manufactured by Fiem Industries with the technical support of Aisan Industry, while Toyota Tsusho will provide support for procurement of materials & components for manufacturing canister.
“The company sees this as a big opportunity of diversification into new product line. Being a leading supplier of automotive lighting and rear view mirrors etc to number of leading two-wheeler OEMs, the company aims to supply canister to all its existing OEM customers as well as new customers,” said Fiem Industries in a statement.
Aisan Group, which manufactures auto components and has global presence, supplies its products to leading automotive companies such as Toyota, Hyundai, Renault Nissan, Yamaha, Suzuki, etc.
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