Pricol, Pointer Telocation to float joint venture

Coimbatore, Dec 12 (PTI): Pricol, an automotive component manufacturing company, and Israel-based Pointer Telocation Ltd, a developer, manufacturer and operator of mobile resource management, signed a

Coimbatore, Dec 12 (PTI): Pricol, an automotive component manufacturing company, and Israel-based Pointer Telocation Ltd, a developer, manufacturer and operator of mobile resource management, signed a letter of intent (LoI) Wednesday for a joint venture to provide advanced telematics and IoT solutions in India and countries in South East Asia.

The joint venture would enable both the companies become leaders in the Indian telematics market with Pricol providing a variety of telematics solutions to the customers for the OEM (original equipment manufacturer) and the aftermarket segments, a press release said.

Also, Pricol would bring its robust manufacturing capabilities, strong sales and distribution network in OEM and aftermarket segment, the release said.

On its part, Pointer would provide its capabilities in design and development of telematics solutions, and its strong sales network of telematics service providers, system integrators and mobile operators, the release said.

Pointer would control 51 per cent interest and Pricol 49 per cent in this proposed joint venture, the release quoted managing director of Pricol Vikram Mohan as saying.

”With this partnership, we will be a one-stop provider for telematics solutions to our customers,” he said.

Pricol is a telematics hardware supplier for OEMs in India with an installed base of more than one lakh vehicles.

”With cutting-edge technology, large R&D workforce and global presence of Pointer and the manufacturing excellence of Pricol will enable us to become a leading player in the Asian market to provide state-of-the-art telematics solutions,” he said.

Through a strong partner network, Pointer has successfully deployed about 1.5 lakh telematic units in the Indian market and over three million units across the globe, the release said.

”The joint venture would help the two companies increase the foothold in both the OEM segment and the aftermarket utilising capabilities, ” the release quoted chief executive officer of Pointer David Mahlab as saying.

Under the Ministry of Road Transport and Highway AIS (automotive industry standard) 140 for intelligent transport systems, vehicle-tracking systems would be from January 2019 a mandatory feature for all public transport vehicles and commercial vehicles requiring national permit, the release said. PTI nvm

This is published unedited from the PTI feed.