Amtek’s diversification into specialty vehicles

Amtek Auto Ltd has announced the signing of a Technical Alliance agreement with Autech Corporation of South Korea for the complete transfer of technology to manufacture Specialty Vehicles in India. The signing took place in Seoul, Korea on 26th Nov 2010. The initial plan is to develop and sell Specialty vehicles such as Ambulances, Fire Tenders and Waste Management Vehicles. The market in India for these vehicles is expected to grow at a CAGR 15 to 25 pc. It is anticipated that the overall market of specialty vehicles within India in the next 5 years will grow to Rs. 4,800 crore. It is anticipated that the production would commence during Year 2011 and will be based in the new manufacturing facility in Dharuhera, just outside Delhi. Autech Corporation is the market leader for the manufacturer of these vehicles for the Korean market. In particular the paramedic Ambulance, based on superior technologies and the most advanced medical equipment's, is the perfect system for quick and safe emergency treatment and transportation in any unexpected accident or disaster. Autech’s multipurpose vehicles can extinguish fire in cases like road accidents and also provide ambulance service to accident victims. Autech develop their own exclusive designs within their extensive research and development center supplying to the South Korean government and to the private sector. Amtek Auto Ltd is a leading engineering conglomerate, $1.3 bn with a global footprint primarily in the automotive sector. Recently it has diversified into the Railway Wagon & Locomotive component manufacturing. Following this signing John Flintham, CEO quoted that "This is a another major development in the growth story of the Amtek Group and its diversified product portfolio in the Non Automotive sector. We are only too pleased to be associated with Autech Corporation and to use their advanced technology for the benefit of Indian society."