Inks a strategic partnership with LIOHO Machine Work Limited, Taiwan
ASK Automotive Limited, India’s largest brake shoe and advanced braking systems manufacturer for two-wheelers, today announced its plans to enter into the new segment of High Pressure Die Casted Two-Wheeler (2W) Alloy Wheels (Licensed Products) for the domestic market.
The Company has entered into a strategic partnership with LIOHO Machine Works Limited, Taiwan for technical assistance to develop a new product line to cater to both its existing and new customers. The agreement will span over seven years.
The Company aims to design, develop, and manufacture high-quality Alloy Wheels to add value for two-wheelers that will ensure safety, align with world-class standards, and deliver superior performance to our partners. The production of Alloy Wheels is targeted to begin in Q4 FY25 and will be sold directly to the Original Equipment Manufacturers (OEMs).
Speaking about entering into a whole new segment, Mr. Kuldip Singh Rathee, Chairman and Managing Director, ASK Automotive Limited said “With over three decades of experience in the Indian automotive industry, we have a deep understanding of the market and the needs of OEMs. Today, alloy wheels have become a critical component across all segments, especially in two-wheelers, ranging from premium-level to entry-segment. Our legacy and expertise in Aluminium Light Weighting Precision Solutions will support the development of High Pressure Die Casted Two-Wheeler (2W) Alloy Wheels, opening up new opportunities with our existing and new customers. Our partnership with LIOHO Machine Work will facilitate us with critical technical assistance, helping us meet the required standards. We are confident in setting new benchmarks in the Alloy Wheel segment.”
Recently, ASK Automotive delivered strong growth in consolidated total income of Rs. 76,313 lacs in Q3 FY24 registering YoY growth of +19.4% and an income of Rs. 2,21,909 lacs in 9 months of FY24 with +11.2% YoY growth and +71% PAT growth in Q3 FY24.
