 "Setco, Lingotes form auto comp JV")
Setco Automotive and Spanish company Lingotes Especiales S.A. announced today the formation of a Euro 30 million (Rs 250 crore) joint venture over three years called Lava Cast.
The JV will be focused on developing and manufacturing fully machined ferrous casting products for the automotive & other industries.
Lava Cast will have equity participation by both companies. As part of this agreement, Lingotes Especiales will come on board of Lava Cast as the technology partner.
Harish Sheth, Chairman & Managing Director, Setco Automotive said, "In Lingotes, we found a strategic partner to help us achieve this vision. Lingotes will help us to extend our reach into new customer bases and to build our collective product portfolio in the coming years."
The proposed foundry will start commercial production in one year.