FIEM inks multiple pacts with overseas Cos

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.

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