Atlas Group and DID Group (DID) Tuesday signed an agreement to establish a new joint venture to manufacture quality competitive motorcycle Chains in the country. The new company, Atlas DID (Private) Limited, will be established in July 2019. The two Groups intend to launch the project with an initial combined equity investment of US $8 million and the commercial production is projected to start from October this year.
The motorcycle industry in Pakistan expects a strong growth. The new company will utilize Atlas Group's abundant business expertise in the country and DID's technologies for motorcycle parts to produce products that meet the market needs in Pakistan.
Atlas Autos (Private) Chief Executive Officer Suhail Ahmed and Hirofumi Araya, President - DAIDO Kogyo and Masanori Sanada, President - DAIDO Sittipol were present on the agreement signing ceremony. Both Atlas Group and DID are renowned names in the manufacturing and marketing of auto products. Atlas Group is known for manufacturing and marketing of motorcycles and cars in collaboration with Honda Motor Company, Japan. It also manufactures various hi-tech components in-house in technical collaboration with leading components manufacturers including DID. DID is a leading supplier of advanced automotive technology, systems and components for the world's major auto-manufacturers and two-wheeler vehicles and has operations in numerous countries around the world.
The venture marks a significant milestone in the collaboration between the two companies as it cements an already excellent co-operation between the two partners.