Shivang Technocrats signs alliance with Sweden’s Lareda Mekan
Pune’s Shivang Technocrats has signed a strategic alliance with Sweden based Lareda Mekan AB to manufacture automotive products (pedal assemblies, Fuel filler necks, sheet metal components, integrated seat frames and more). Key focus will be on development of wide ranging products for automotive OEMs and other European clients present in India and overseas.
The Alliance will take shape in 2 phases. Phase 1 – Lareda Mekan creates an outsourcing channel to cater to its customer requirements in India, Asia and Europe. Phase 2 will focus on a joint venture (JV)offering its products to Indian , South Asian and European Customers within 6 months with support from a dedicated team with emphasis on co-branding and advertising to reach out to target markets.
As the alliance moves from an outsourcing arrangement to JV, projected sales revenue stands at US$40 million in 5 years. Lareda Mekan Sweden will establish an Indian subsidiary with investment of about US$20 million in the next 5 year period.
George Molakal, CEO ALCOR Fund reiterated that ALCOR views India as a great investment destination with scope for cross border deals that address growth areas for Indian companies through tech, investment, and new business. Alongwith bringing in foreign earnings for India, the development improves revenues for the state, while providing employment.
Ranjeetsingh Rajput, Director of Shivang Technocrats Pvt Ltd said the Alliance brings a range of International technology, and customers, to boost Mac Steel Group as a global leader.
Lars Thunberg, Chairman –Lareda Mekan AB looks forward to launching the Alliance in India to cater to South Asian and European customers.
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