Minda Corporation Announces Technology License & Assistance Agreement with Daesung Eltec, Korea for Advanced Driver Assistance System (ADAS)

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Bangalore, Nov 3, 2022: Minda Corporation Limited (referred to as “Minda Corp” or the “Company”; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda has entered into a technical collaboration with DAESUNG, Korea, the leading automotive electronics company to bring the Next-Gen Advanced Driver Assistance System (ADAS) solutions to the Indian automotive market. Both companies signed the Technology Licence and Assistance Agreement (TLA) on October 28th, 2022.

This partnership places Spark Minda ahead of the technology curve by providing localized ADAS solutions for the Indian market. it also aligns with the company’s vision of becoming a next-generation ADAS solutions provider with the technology being inducted into Minda’s capabilities.

Announcing the collaboration, Mr. Aakash Minda, Executive Director – of Minda Corporation said, “ADAS is a critical, futuristic technology with early signs of its adoption already visible in the Indian market. Current estimates from leading car manufacturers project that ADAS features relating to autonomous driving will become near ubiquitous in the next few years. We are happy to announce our partnership with Daesung Eltec which brings in more than four decades of rich experience in the automotive electronics industry. With this TLA, Minda Corporation will be one of the early movers providing localized solutions in the domain. Both Spark Minda and Daesung Eltec believe in providing the best solutions backed with cutting-edge, futuristic technology. Underlining our focus, this progressive partnership is a successful convergence of two key priority areas, technology, and customer-centricity.”

“The association will help us strengthen our existing relationship with the leading OEMs by becoming a complete solution provider as well as expanding into a new customer base,” he added.

Daesung Eltec is one of the key players in the automotive electronics industry and specializes in In-Vehicle Infotainment, ADAS, Audio, AMP, and monitors among others. It also has its in-house R&D center and manufacturing facilities in Korea and China.

Commenting on the TLA, Mr. Won Ghee Yang, CEO, of Daesung Eltec said, “The Indian automobile industry is steadily progressing towards an era where autonomous vehicles will become commonplace, making Advanced Driver Assistance Systems both relevant and necessary. We strongly believe that this association is a great step towards bringing together the strengths of both companies. Spark Minda’s strong Indian presence and Daesung technology will together transform the Indian Automobile industry to make the overall driving experience better and safer.”

As part of the association, Daesung Eltec will support Spark Minda with product design, development, and validation and will also play a key role in process design, validation, and manufacturing line setup for ADAS systems.