India, Jan. 3 -- Autoliv, Inc., the worldwide leader in automotive safety systems, on Monday said it has signed final agreement to form joint venture with premium car maker Volvo Cars to develop software for autonomous driving and driver assistance systems, based on the letter of intent announced during fall 2016.

"The joint venture, named Zenuity, will create a new entrant in the growing global market for autonomous driving software systems. It marks the first time a leading premium car maker has joined forces with a tier one supplier to develop new advanced driver assist systems (ADAS) and autonomous driving (AD) technologies," Autoliv, Inc. said in a press release.

As part of the agreement announced today, at the time of closing Autoli...