Gabriel India Ltd has signed a memorandum of understanding (MoU) with South Korean automotive technology company HL Klemove to tap the growing market for autonomous driving and automotive electronics in India. The partnership will focus on technologies such as Advanced Driver Assistance Systems (ADAS) and other electronic solutions for vehicles.
According to a company statement issued on 26 August, Gabriel India will become a strategic shareholder in HL Klemove India Pvt Ltd. The auto components manufacturer will acquire a 30% stake, less one share, in the Indian arm for $98.44 million, or roughly ₹935 crore.
Gabriel India to invest ₹935 crore
Gabriel India, a flagship company of the $2.2 billion ANAND Group, said the investment will help it expand its presence in the fast-growing automotive technology market.
The deal is expected to strengthen Gabriel India's autonomous driving and automotive electronics business. It will also bring the company closer to vehicle manufacturers as demand for smarter and safer mobility solutions grows.
Focus on ADAS and automotive electronics
HL Klemove has developed and gained experience in autonomous driving technologies, such as ADAS and automotive electronics. The company is part of South Korea’s HL Group.
Partnering will enable Gabriel India to enter a fast-growing technology market, the company said. It will also expand the company's product range beyond its vehicle parts.
ANAND Group sees new mobility opportunity
The joint venture will enable the company to build a stronger footprint in the automotive critical systems market and further develop its business into future mobility technologies, said Anjali Singh, Executive Chairperson of ANAND Group and Gabriel India.
Jaisal Singh, Vice Chairman of ANAND Group, said Gabriel India is all about building scale, making it competitive and growing in high-growth automotive segments. He said that the partnership with HL Klemove was a step in that direction.
The joint venture is timely as India's automotive industry continues its march towards connected, electronic and driver-assist technologies. The collaboration will help Gabriel India gain a more robust ecosystem in this dynamic mobility landscape, the company said.
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