Auto component maker Fiem Industries today said it has inked a pact with Japan's Kyowa to set up a joint venture firm to cater to produce moulds and tooling for the automotive segment.
The company said it has signed an MoU with Kyowa co for establishing a joint venture company in India to set up a facility for developing mould/tooling in order to carter to the Indian market, Fiem Industries said in a regulator filing.
"The company' management presumes that this new venture will have an added advantage as this will enhance the level of confidence among its existing and prospective customers by way of shortening the development time for tooling considerably," it added.
Besides, the tie-up will drastically reduce the dependability of the company on foreign mould manufacturers, it said.
"It will also enhance company's technology prowess for upcoming new generation automotive lamps," the company said.
Kyowa group manufactures moulds for automotive, medical, and other applications and has presence in various markets, including China, Taiwan and Hong Kong, among others.
