Pricol is expected to announce joint ventures (JVs) in a couple of segments by the end of this fiscal year.
Vikram Mohan, MD, said the company, which hopes to be debt-free by March 2023, was in talks for JVs in areas such as sensors and connected vehicle solutions. “We are investing time in Internet of Things and connected vehicle solutions. We have also decided, to have a heavier play in sensors. Some joint ventures we are planning are in these segments. We will announce the joint ventures by the end of March 2022,” he said.
Pricol plans to start investing in phases in these ventures from September 2022 and the plants are expected to become fully operational by October 2023.
The JVs would be mainly for the domestic market as the next 10-15 years would be a “great time” for India, he said. With higher demand for driver information systems, there is a need for more integration of software, hardware and different technologies.
A technology centre that would also house testing and prototype development would become operational here in a year-and-a-half.
Mr. Mohan added though the firm had not recently focused on exports, it was looking at 20% revenue from exports and deemed exports by 2025.