The two partners today signed an agreement to set up a joint venture that will come up near its Manesar facility, and is likely to generate over 900 new jobs, it added.
The JV will manufacture brake pads and linings for commercial vehicles (trailers, trucks and buses above 3.5 tonne), and will operate under the name of ASK Fras-le Friction, ASK Automotive said in a statement.
The partners will invest over Rs 100 crore over the next three years into the facility, which will exports to the neighboring markets like Bangladesh, Nepal and Sri Lanka, besides meeting domestic demand, it said.
"The JV will enable customers to enjoy world-class products at competitive pricing," ASK Automotive chairman and managing director KS Rathee said.
The new facility will cater to all the leading OEMs and secondary markets or IAM markets (independent after markets), the company added.
"The domestic market for commercial vehicles is very large and shows excellent prospects for future development. Fras-le wishes to be part of this market, which is in line with our plans for growth and internationalization", Fras-le chief executive Srgio de Carvalho said.