Iran's Rise Investment and Strategy Extension Co. (Riseco) and molder Mecaplast Group have signed an agreement to create a joint venture to manufacture car parts in Iran, according to the Monaco-based automotive supplier.
The agreement was signed between Riseco president Hamid Reza Samadi and Mecaplast CEO Pierre Boulet Feb. 23 to produce and commercialize automotive parts for a number of clients within the Iranian domestic market.
The 50/50 JV will be based in Tehran and will be created in 2017.
According to the Iranian state news agency IRNA, the JV will produce engine as well as decorative parts for Renault and Peugeot brands in the country.
Additionally, the JV will look to export 30 percent of its products.
Riseco is comprised of five automotive parts manufacturers with eight production sites.