1 week ago
Gabriel India Forms ₹935 Crore Autonomous Driving Joint Venture
Gabriel India makes parts and systems for vehicles.
It is joining with South Korea’s HL Klemove in a new business venture.
Gabriel India will buy almost 30% of HL Klemove India.
The deal will cost about ₹935 crore.
The companies will work on technologies that can help vehicles drive more safely and intelligently.
These include advanced driver assistance systems, or ADAS, and other electronic vehicle products.
HL Klemove already develops and manufactures these technologies.
Gabriel India says the partnership will help it work more closely with automakers.
It also wants to grow in newer areas of the automobile industry.
Gabriel India will acquire a 30%-less-one-share stake in HL Klemove India Pvt Ltd.
The investment is valued at $98.44 million, or approximately ₹935 crore.
The joint venture will focus on autonomous driving, ADAS, and automotive electronics.
South Korea-based HL Klemove brings development and manufacturing capabilities in these technologies.
Gabriel India and ANAND Group executives said the deal will diversify the company and expand its presence in emerging mobility segments.
- Who
- Gabriel India Ltd and South Korea-based HL Klemove, with HL Klemove India Pvt Ltd as the joint-venture company.
- What
- Gabriel India will acquire a 30%-less-one-share stake in HL Klemove India for $98.44 million, approximately ₹935 crore.
- Where
- The announcement was made in New Delhi, and the joint venture concerns HL Klemove India.
- When
- The company statement was issued on 26 August; another report described the announcement as occurring on Wednesday.
- Why
- To expand Gabriel India’s presence in autonomous driving, advanced driver assistance systems, automotive electronics, and other high-growth mobility segments.
Key facts
- Investor
- Gabriel India Ltd
- Strategic partner
- HL Klemove, based in South Korea
- Joint-venture company
- HL Klemove India Pvt Ltd
- Stake acquired
- 30% less one share
- Investment
- $98.44 million, approximately ₹935 crore
- Focus areas
- Autonomous driving solutions, advanced driver assistance systems, and automotive electronics
- Parent group
- ANAND Group, described as a $2.2 billion auto-components manufacturer
Quotes
Anjali Singh
Executive Chairperson of ANAND Group and Gabriel India Ltd
“Bolstering our position across critical automotive systems while expanding our participation in future-oriented mobility and automotive technology segments, this new JV for autonomous driving and automotive electronics marks an important inflection point, enabling Gabriel India to further diversify its portfolio and strengthen its participation in emerging mobility segments.”
freepressjournal.in
“Our latest joint venture with HL Klemove represents a strategic step forward in this endeavour”
freepressjournal.in
Sources
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