Indo Asian Fusegear, Spain's Simon join hands
Mumbai, Aug 30: Indo Asian Fusegear Ltd today announced setting up of a joint venture with Simon, Spain estimated to cost Euros 6 million.
Announcing this, the company press release said Indo Asian Fusegear would hold 51 per cent equity in the new joint venture christened Indo Asian Simon Pvt Ltd and the Simon would hold the remaining stake, while the new JV company would operate in India and SAARC countries initially.
Indo Asian Simon will manufacture and market wiring accessories and products that would include intelligent building and home automation products. Such automation equipment installed in a house or building can be pre-programmed as per individual requirements. It can switch the lights, heating system and air conditioners on and off as per the programme logic imbedded in the system. These products are currently not readily available in India and are also expensive.
For manufacturing these products, the company plans to set up a production facility in tax free zones of Uttaranchal, creating jobs for over 500 people. The company is also mulling to set up an extensive R&D facility at Haridwar for growth of futuristic designs, according to user needs and energy conservation.
Simon is involved in manufacturing electrical equipment. It has rich experience in design, manufacturing, marketing and sales. It produces wiring accessories for household and commercial buildings, protection equipment, outdoor lighting luminaries and home and intelligent building automation products.