ASK Automotive Strengthens Partnership with AISIN: Acquires Additional 10.2 Million Shares in Joint Venture

ASK Automotive Limited has announced the acquisition of an additional 10.2 million shares in AISIN ASK India Private Limited, their joint venture company with AISIN Group. This move increases ASK Automotive's stake in the joint venture, which was formed in April 2024 to expand their presence in the independent aftermarket (IAM) for passenger car components.Key points:

1. The acquisition is classified as a related party transaction under SEBI regulations.
2. This move follows the strategic joint venture agreement signed in April 2024 between ASK Automotive and AISIN Group Companies.
3. The joint venture aims to market and sell auto components for passenger cars in India, Nepal, Sri Lanka, and Bangladesh.
4. ASK Automotive originally held a 51% stake in the joint venture, with AISIN Group Companies owning the remaining 49%.
5. This additional share purchase strengthens ASK Automotive's position in the passenger car aftermarket segment.

The increased stake in AISIN ASK India Private Limited aligns with ASK Automotive's growth strategy, leveraging AISIN's global expertise and ASK's strong distribution network in the Indian aftermarket. This move is expected to enhance the company's product portfolio and market reach in the competitive automotive components sector.

Source: ASK Automotive Limited Regulatory Filing