Setco Automotive India and Lingotes Especiales 30 millon Euros JV
Setco Automotive Ltd (Setco) and Lingotes Especiales S.A. (Lingotes) have announce a 30 million Euros joint venture over 3 years called Lava Cast Pvt Ltd. Focus will be laid on developing and manufacturing fully machined ferrous casting products for the automotive and other industries. Lava Cast Pvt Ltd JV will have equity participation by both companies. The agreement sees Lingotes Especiales come on board of Lava Cast as technology partner. The proposed foundry will start commercial production in a year’s time at Kalol (PMS), Gujarat.
Mr. Vincent Garrido, Chairman Lingotes Especiales said, “Setco has a strong presence in India in the clutch business. They enjoy excellent relationships in the sector, and have a strong understanding of manufacturing. With them, we are confident of creating a reliable supply base of castings for the international market. Geographically they are located in the power surplus state of Gujarat, which has access to good ports as well as a good workman culture. We are excited to extend our 4 decades of manufacturing experience into India. Our long-standing experience in this sector, will substantially reduce the uptime of this new project.”
This global alliance between Setco and Lingotes was carried out at a function held at the foundry site at Kalol (PMS), Gujarat on 1st May 2014, adjacent to the current clutch manufacturing operations of Setco. The proposed foundry will start commercial production in one year.
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