Mitsubishi Electric Corporation (MIELF.PK, MIELY.PK) Monday said it has entered into a capital and business alliance agreement with Pioneer Corporation in a bid to strengthen its business relationship with the company. Pursuant to the agreement, Mitsubishi Electric is expected to invest approximately 4 billion yen in Pioneer in exchange for approximately 20 million shares of Pioneer issued through a third-party allotment.
Mitsubishi Electric said both the firms have mutually strengthened their development capabilities and efficiencies by collaborating in the development of a car navigation systems platform. Mitsubishi Electric added that it plans to enter into a new joint development agreement with Pioneer and further strengthen its platform corresponding to future multimedia technologies for the continued development of its car navigation platform under the new agreement.
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