Pavna Industries entered a joint venture with Taiwan-based SmartChip Microelectronic Corporation to boost EV technology in India and expand into high-growth markets
Pavna will hold 80% equity in the JV, while SMC will retain 20%
Pavna will contribute its operational, manufacturing, and procurement expertise along with knowledge of the Indian automotive market
Uttar Pradesh-based Pavna Industries on Friday said it has entered into a joint venture with Taiwan-based SmartChip Microelectronic Corporation (SMC) to boost EV technology in India and grow into new high-growth markets.
Pavna Industries will hold 80% equity in the JV, while SMC will have a 20% stake.
Under the agreement, Pavna will bring its operational, manufacturing, and procurement expertise, and its deep understanding of the Indian automotive market, to oversee and manage the JV’s operations, the company said in a statement issued here.
"Pavna Industries has entered into a joint venture agreement with SmartChip Microelectronic Corporation (SMC), which will offer to undertake and carry on the business of inter alia making electronic components for the automobile industry (ICE and EV) and for other industries like hardware for cupboard/door locks etc. in residential/ commercial industries, and medical, among others," the company said.
Swapnil Jain, Managing Director, Pavna Industries Limited, said, "By merging Pavna's manufacturing and market capabilities with SMC's state-of-the-art electronics knowledge, we expect to speed up the penetration of EV technologies in India as well as grow into new high-growth markets. With this partnership, we will also further enhance our capacity to serve domestic and global markets with innovative, dependable, and sustainable solutions".
