KARACHI, Aug 31: The Atlas Group and DENSO Corporation on Friday announced an agreement for a joint venture ‘Atlas Hitec (Pvt) Limited’ with an initial combined equity investment of $7.2 million.

The JV aims at manufacturing quality competitive motorcycle parts in the country, a press release said. The new company, Atlas Hitec, will be established in September 2012 while commercial production would start from October 2013.

Atlas Group Chairman Yusuf H. Shirazi and DENSO Corp senior executive director Michio Adachi signed the agreement.