New Delhi [India], Aug 24 (ANI): Lumax Auto Technologies Ltd. on Thursday signed a joint venture with the FAE Technologies Pvt. Ltd., an Auto-Electrical and Electronic Manufacturers to produce Oxygen Sensors for two-wheelers in the Indian market.
The company which is expected to begin manufacturing unit with an initial investment of Rs. 14 crores by beginning of next year is expected to commence from the beginning of 2019 with an aim to hitch the international market after it hitches the national zone.
Lumax will own the 51 percent of the joint venture company Lumax FAE Technologies Pvt. Ltd., with FAE owning 49 percent of the total shares.
"We have deployed thirteen engineers from India and two from abroad who would train the Indian professionals. We are just not going on labour intensive, we are actually going technology based which becomes knowledge," promoter director, Lumax Auto Technologies, Deepak Jain told ANI.
"The thirteen engineers would be trained to understand the technology so that they can engage with the customers. It is not labour intensive, rather techno-based knowledge," he added.
He further claimed that the Oxygen Censors would be a big product in the Indian market with maximum number of buyers of two-wheelers leading the country global wide.
"Oxygen Censor is a censor which helps to control the less consumption and less combustion of bike, car and other automotives," said chairman FAE, Francisco Marro.
The new entity, Lumax FAE Technologies Pvt. Ltd., will invest both in development and localisation of manufacturing capability to become the pioneer supplier of this product in India.
"The joint venture company, will be geared to offer customised and world-class product solutions to customers in India. The company will deliver environment friendly solution, meeting the upcoming emission regulation norms and address the menace of Pollution, which is a concern in India," said Anmol Jain, Managing Director, Lumax Auto Technologies.
The O2 sensor monitors the gases emitted by the vehicle engine thereby maintaining the appropriate air-fuel mixture to facilitate efficient functioning of the engine in accordance to the emission regulatory norms. The product can significantly enhance the fuel efficiency of a vehicle and plays a critical role in aligning with the BSVI emission norms. Besides, it also prevents early damage to some critical parts thus adding to the longevity of the vehicle. (ANI)
This story has not been edited. It has been published as provided by ANI