Faurecia SA, a France-based automotive equipment supplier, has set up two new joint ventures in Iran in an attempt to strengthen its industrial presence in the Islamic Republic following a lasting nuclear deal between Tehran and world powers, a report said.
Emissions control systems will be developed and produced for the Iranian market under a 50-50 joint venture between Maadiran, a leading industrial automation and control engineering company, and Faurecia, Reuters reported on Friday.
Total sales of the first venture are expected to reach 50 million euros in 2020, the report added.
The second venture has been formed between Azin Khodro, a major Iranian automotive parts manufacturer, and Faurecia for vehicle interior systems. Its total sales is expected to reach 50 million euros in 2020.
Iran’s automotive industry is the second largest in the country after its oil and gas industry, accounting for 10% of the country’s GDP.
(Source: Tasnim, under Creative Commons licence)