Board of ASK Automotive approves JV with AISIN Group Companies

At meeting held on 24 April 2024

The Board of ASK Automotive at its meeting held on 24 April 2024 has granted their approval for entering into a joint venture with Aisin Asia (Thailand) Company, Thailand (AA-T) and AISIN Automotive Haryana, India, (AHL) (AA-T and AHL collectively referred to as AISIN Group Companies), for marketing and selling of the Independent After Market (IAM) parts for passenger cars, through a joint venture company, which will be incorporated after execution of Joint Venture Agreement.

The Company shall own 51% of the shareholding in the JV Co., and shall be infusing funds up to Rs. 10,71,00,000/- (in total), in one or more traches in the JV Co. out of which an amount of Rs. 51,00,000/- shall be infused at the time of incorporation of the JV Co. and accordingly the proposed JV Co. will be the subsidiary of the Company. Further, the remaining 49% shall be owned by AISIN Group Companies.

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