The Indian auto components maker will hold a 49% stake in the joint venture company, with a total investment commitment of ₹2.45 crore. An initial infusion of ₹49 lakh will be made at the time of incorporation, the company said in a regulatory filing.
TD Holding GmbH will hold the remaining 51% in the new venture, which will be set up following the signing of the joint venture agreement.
This marks a strategic diversification for Ask Automotive into high-value vehicle electronics and interior systems, amid growing demand for premium features like sunroofs in passenger vehicles.
The detailed terms of the partnership will be disclosed following the execution of the agreement, the company said.
Ahead of the announcement, shares of Ask Automotive closed 4.01% higher at ₹500 on the NSE.
