Auto component manufacturer Setco Automotive on Friday announced formation of a 30-million-euro joint venture - Lava Cast - with Spain-based Lingotes Especiales SA.
The JV would focus on developing and manufacturing fully machined ferrous casting products for automotive and other industries, a statement said.
A sum of 30 million euros would be invested by the partners in three years, it added.
Setco and the Spanish firm would have equity participation in the JV and Lingotes Especiales would be on board of Lava Cast as the technology partner.
"In Lingotes, we found a strategic partner to help us achieve this vision. Bringing over 40 years of experience in the foundry industry and key OEM clients. Lingotes will help us to extend our reach into new customer bases and to build our collective product portfolio in the coming years," Setco Automotive chairman and managing director Harish Sheth said.
"We are excited to extend our four decades of manufacturing experience into India. Our long-standing experience in this sector, will substantially reduce the uptime of this new project," Lingotes Especiales chairman Vincent Garrido said.
It would set up a foundry which would start commercial production in one year.
Setco, listed on the Bombay Stock Exchange (BSE) is the largest manufacturer of Lipe brand clutches for the commercial vehicles and has four manufacturing facilities two in India and one each in the UK and the US.
While Lingotes Especiales is dedicated to the design, development, casting, machining and assembly of grey and ductile iron components for use mainly in automotive, electrical appliances and civil engineering.
It has customer base of top automobile manufacturers including Ford, Volkswagen, Renault, PSA Peugeot Citroen, Fiat, Valeo and TRW.
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