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Minda Corporation gained 2.72% to Rs 194.70 after the auto components maker said that it has collaborated with a Korea-based company, Daesung Eltec to bring the next generation advanced driver assistance system (ADAS) solutions to India.
Daesung Eltec is one of the key players in the automotive electronics industry and specialises in In-Vehicle Infotainment, ADAS, Audio, AMP, Monitor among others. It also has its inhouse R&D centre and manufacturing facilities in Korea and China.
Both the companies signed a technology licence and assistance agreement (TLA) on 28 October 2022, the company stated.
Through the collaboration, the partners will offer advance driver assistance system (ADAS), around view monitoring system (AVM) including driver monitoring system (DMS), lane departure warning System (LDWS), front collision warning system (FCWS) for passenger vehicles & commercial vehicles and NeoDAS for off-road vehicles.
Announcing the collaboration, Aakash Minda, executive director of Minda Corporation said, ADAS is a critical, futuristic technology with early signs of its adoption already visible in the Indian market. Current estimates from leading car manufacturers project that ADAS features relating to autonomous driving will become near ubiquitous in the next few years. With this TLA, Minda Corporation will be one of the early movers providing localised solutions in the domain.
The association will help us strengthen our existing relationship with the leading OEMs by becoming a complete solution provider as well as expanding into new customer base. he added.
Commenting on the TLA, Won Ghee Yang, CEO of Daesung Eltec said, The Indian automobile industry is steadily progressing towards an era where autonomous vehicles will become commonplace, making advanced driver assistance systems both relevant and necessary. We strongly believe that this association is a great step towards bringing together the strengths of both the companies. Spark Minda’s strong Indian presence and Daesung technology will together transform the Indian Automobile industry to make the overall driving experience better and safer.
As part of the association, Daesung Eltec will support Spark Minda with product design, development and validation and will also play a key role in process design, validation and manufacturing line set up for ADAS systems, the company said in the press release.
Minda Corporation is an automotive component manufacturing company with a pan-India presence and international footprint. Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group.
The auto components maker reported a consolidated net proifit of Rs 52.49 crore in Q1 FY23 from Rs 7.11 crore posted in Q1 FY22. Net sales climbed 80.8% year on year to Rs 1,010.24 crore in Q1 FY23.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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