KUALA LUMPUR, XX NOVEMBER 2024 – Automotive electronics and mechatronics solutions provider MCE Holdings Berhad (“MCE”), through its wholly-owned subsidiary MCE Ventures Sdn Bhd, has formalised a joint venture (JV) agreement with Abhishek Electronics Manufacturing Private Limited (AEM) to develop, manufacture, and market automotive electronic parts in India.

AEM, a subsidiary of Abhishek Group, is an investment holding company with affiliates specialising in the manufacturing and trading of automotive components. Headquartered in Gurugram, Haryana, India, it boasts nearly 40 years of expertise in India’s automotive sector, starting with safety products and expanding into a diverse range of automotive accessories. The Group’s established partnerships span Japan, Korea, China, Germany, and the USA.

Under this collaboration, MCE and AEM will form the new joint venture company, Multi-Code Abhishek K Auto Components Pvt. Ltd., to expand automotive component manufacturing capabilities in India. MCE will hold a 55 percent equity stake in the JV, with AEM owning the remaining 45 percent.

The signing of the JV formalises the memorandum of understanding (“MOU”) signed on 5 December 2023. Through this agreement, both parties will work closely to develop, manufacture, and market Reverse Parking Assistance Systems, Around View Monitoring, Switch Assemblies, and Power Window Regulators in India.

MCE Group Managing Director Dr. Goh Kar Chun <吴佳骏医生> said, “This joint venture exemplifies our commitment to turning strategic agreements into meaningful ventures. It provides an opportunity to bring our technological expertise and innovation to one of the world’s fastest-growing automotive markets. By leveraging AEM’s deep market insights alongside our capabilities, we are confident this partnership will broaden our reach in India and further strengthen MCE’s global footprint and export potential.”

Mr. Shreedhar Gupta, Director of AEM added, “We are excited to partner with MCE, a recognised leader in automotive electronics, to enhance our ability to deliver high-quality, tailor-made solutions that meet the needs of India’s dynamic automotive market. Together, we aim to drive greater value for local OEMs, strengthen our market presence, and contribute to the advancement of the industry and the economy by promoting the Indian Government’s Made in India initiative.”

“MCE’s role as a technology enabler goes beyond borders,” Dr. Goh added. “This partnership brings Malaysia’s cutting-edge solutions to India while showcasing our technological capabilities globally. By combining technological know-how with insights from international

collaborations, we can create a cycle of knowledge exchange and growth, driving innovation and reinforcing Malaysia’s position as an automotive hub.”

India’s automotive sector ranks among the largest globally, with 4,218,746 passenger vehicles sold in the 2023-2024 fiscal year, registering a year-on-year growth of 8.4 percent. This robust performance highlights India as a key growth market for the automotive industry.