Pointer Telocation and Pricol sign a Letter of Intent (LOI) to form a Joint Venture for Telematics Solutions in India and South East Asia
Deepthi | Myequity news | Date : 12-12-2018 18:00:00 IST
Pointer Telocation Ltd., a leading developer, manufacturer and operator of Mobile Resource Management (MRM) and Pricol Limited, a leading manufacturer of automotive components for the global automotive market announced today that they intend to enter into a joint venture to provide advanced telematics and IoT solutions in India and other countries in South East Asia. This Joint Venture will further enable Pointer and Pricol to be the leaders in the Indian telematics market.
Through the joint venture, Pointer and Pricol will provide a variety of telematics solutions to the customers for both the OEM and the aftermarket segments. Pricol will bring its robust manufacturing capabilities as well as strong sales and distribution network in OEM and aftermarket segment. Pointer will provide its capabilities in design and development oftelematics solutions, and its strong sales network of telematics service providers, system integrators and mobile operators. Pointer will control 51% interest and Pricol will control 49% interest in this proposed joint venture. Mr. David Mahlab, Chief Executive Officer of Pointer Telocation
Mr. Vikram Mohan, Managing Director, Pricol, commented, "With this partnership, we will be the one stop provider for telematics solutions to our customers. Pricol is one of the leading telematics hardware supplier for OEMs in India with an installed base of more than 100,000 vehicles. Pointer's cutting edge technology, large R&D workforce, and global presence combined with Pricol's manufacturing excellence will enable us to be a leading player in the Asian market to provide state-of-the-art telematics solutions."
, commented, "Through a strong partner network Pointer has successfully deployed about 150,000 telematic units in the Indian market and over 3 million units across the globe. This joint venture will help both companies increase our foothold in both the OEM segment and the aftermarket utilizing Pricol's capabilities and Pointer's success thus far such as in the Nissan India Connected Car project."
About Pricol Limited
Pricol Limited is a leading manufacturer of automotive components for the global automotive market, thrives on innovation, cutting edge technology and superior products across two, three and four wheelers, commercial vehicles, tractors and construction & industrial segments across the global market. With over 40 years of expertise in the automotive components business, the company's performance is driven by over 30 patents, 13 manufacturing units and 5 International business offices across the globe including India, Indonesia, Brazil, USA, Germany, Singapore, Thailand, Mexico, Czech Republic and Japan.