Japanese auto parts maker F-tech to invest in Indian company
TOKYO, NNA - Japanese auto parts maker F-tech Inc. will invest in an Indian car component supplier in hopes of capitalizing on the growing vehicle demand in the South Asian country.
F-tech will take a 26 percent stake in Veegee Auto Components Pvt. Ltd., a subsidiary of Veegee Industrial Enterprises Pvt. Ltd., by investing 342.94 million rupees ($4.6 million) by late November, the Japanese company said last Thursday.
Veegee Auto Components has supplied Suzuki Motor Gujarat Pvt. Ltd., a wholly owned unit of Suzuki Motor Corp., with car body and pedal componentry since 2017 and will also start providing chassis parts for new Suzuki models next year as part of its joint business with F-tech, according to the company.
Since 2014, the Saitama Prefecture-based F-tech has provided technical assistance to Veegee Industrial Enterprises in manufacturing pedals and chassis components, an F-tech official said. (NNA/Kyodo)