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FIEM inks multiple pacts with overseas Cos

Written by: Staff
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New Delhi, Sep 14 (UNI) FIEM Industries, manufacturer of automotive lighting and rear view mirrors, has signed a 60:40 joint venture with Korea Airconditioners to manufacture, assemble and sell auto car components and complete air-conditioners.

FIEM's CMD J K Jain told reporters here today on the sidelines of a media meet to announce the company's IPO.

Mr Jain said the company has also signed MoUs with two other overseas companies -- Aspock Holding GmbH, Austria, and ZADI Divisione Fanaleria CEV Spa, Italy-- to set up JVs, the formalities of which will be completed by end-2006.

While the JV with Aspock will be a 50:50 one, the one with Zadi will have FIEM holding 60 per cent stake. These JVs ''will be funded through internal accruals and borrowings from FIs,'' Mr Jain said.

UNI PV SBA RS1717

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