JV to bring foreign investment of $7.2 million; Atlas Group signs Agreement with DENSO Corporation

JV to bring foreign investment of $7.2 million; Atlas Group signs Agreement with DENSO Corporation

Karachi, August 31, 2012 (PPI-OT): The Atlas Group and DENSO Corporation (DENSO) today announced an agreement to establish a new Joint Venture in Pakistan to launch a project Atlas Hitec (Pvt.) with an initial combined equity investment of US $7.2 million.

The agreement will strengthen the already close co-operation between Atlas Group and DENSO with the goal to manufacture quality competitive motorcycle parts in the country. The new company, Atlas Hitec (Private) Limited will be established in September 2012 while Commercial production is projected to start from October 2013.

The motorcycle industry in Pakistan expects a strong growth. The new company will utilize Atlas Group’s abundant business expertise in the country and DENSO’s technologies for motorcycle parts, to produce products that meet the market needs in Pakistan.

The signing ceremony was held at Atlas Group Office, Federation House, Karachi where Mr. Yusuf H. Shirazi, the Chairman Atlas Group, and Mr. Michio Adachi, the Senior Executive Director of DENSO Corporation inked the agreement.

Both Atlas Group and DENSO are renowned names in the manufacturing and marketing of auto products. Atlas Group is best known for manufacturing and marketing of motorcycles and cars in collaboration with Honda Motor Company, Japan.

It also manufactures various hi-tech components in-house in technical collaboration with leading components manufacturers including DENSO. DENSO is the leading supplier of advanced automotive technologies, systems and components for the world’s major automakers and two-wheeler vehicles and has operations in over 30 countries around the world.

The venture marks a significant milestone in the collaboration between two Companies as it cements an already excellent co-operation between the two partners.

For more information, Contact:
Atlas Honda Limited (AHL)
1 Mcleod Road,
Lahore-54000
Phones: (042) 111-111-245, 37225015-17, 37233515-17
Fax: 37233518, 37351114
Email: ahlhr@lhr.atlashonda.com.pk

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