Coimbatore : Automotive component manufacturing major Pricol in the city and Pune-based Pointer Telocation Ltd, a leading developer, manufacturer and operator of mobile resource management, (MRM) on Wednesday signed a letter of intent (LoI) for joint venture to provide advanced telematics and IoT solutions in the country and across South East Asia.

This joint venture is expected tol enable both the companies to be leaders in the country’s telematics market. It will provide a variety of telematics solutions to the customers for both the original equipment manufacturer and the aftermarket segments.

Pricol shouldl bring its robust manufacturing capabilities as well as strong sales and distribution network, while Pointer will provide its capabilities in design and development of telematics solutions and sales network of telematics service providers, system integrators and mobile operators.

Pointer would have 51 per cent stake in the venture, Pricol Managing Director Vikram Mohan said in a statement here..

“With this partnership, we will be the one-stop provider for telematics solutions to our customers. Pricol is one of the leading telematics hardware supplier for OEMs inIndia with an installed base of more than 100,000 vehicles,” he added.

“This joint venture will help both companies increase the foothold in both the OEM segment and the aftermarket utilising Pricol’s capabilities and Pointer’s success thus far such as in the Nissan India Connected Car project,” Pointer CEO David Mahlab said.