Varroc Engineering signs an MoU with Candera GmbH; stock slips 3%

This MoU will enable both the companies to respond to automotive application opportunities in India & the global markets with shorter lead time and cost-optimized solutions.

Jun 09, 2021 02:06 IST India Infoline News Service

Stock Exchange
Varroc Engineering Limited (Varroc) said in the regulatory filing that it has signed a Memorandum of Understanding (MoU) with Candera GmbH for a strategic association to integrate the Human Machine Interface (HMI) technology in Varroc’s Thin-Film-Transistor (TFT) Instrument Cluster.

According to the MoU, Varroc will develop the hardware and base software of the product, while Candera will provide a software solution for HMI. This MoU will enable both the companies to respond to automotive application opportunities in India & the global markets with shorter lead time and cost-optimized solutions.

Varroc manufactures a wide-range of electrical and electronic components used in the automotive industry. These products are aimed at helping the OEMs stay in synch with evolving end-user preferences.

The company innovates in response to key automotive trends and creates products that are greener, safer, smarter and connected, the company said.

Varroc’s TFT Instrument Cluster offerings offer complete customization of interface and an array of other features such as Navigation, Day and Night modes, Bluetooth connectivity, AES encryption, and mobile phone synchronization.

The stock is currently trading at Rs375.35, down by Rs13.3 or 3.42% from its previous closing of Rs388.65 on the BSE.

Speaking on the partnership, Arjun Jain, Whole-time Director and the President - Electrical and Electronics Business Unit at Varroc, said “At Varroc, we look to drive growth leveraging sustainable automotive trends such as the desire to be greener, safer, smarter, and more connected. We are delighted to partner with Candera to comprehensively build out our capability set to deliver next-generation TFT Instrument Clusters that meet our customers evolving technology needs.”

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