The joint venture will be 50 per cent owned by an ARI subsidiary with the balance to be held by a subsidiary of Amtek. Both entities refused to divulge details of investment.
A green field facility will come up in India, which will produce the railcars. Both parties expect to commence construction of the facility during the second half of this year, a final site selection is under progress. Production is expected to begin in next year.
"The joint venture would use manufacturing methods that ARI has developed and would manufacture railcar types are currently being sold in India. Supplies will start in the next few years", stated a statement from the US company.
"We are excited to be joining with the strong management team of Amtek to build railcars in India. We believe Amtek's depth of manufacturing experience and knowledge of Indian markets supports our partnership's short and long-term prospects for growth within India", said James Unger, CEO, ARI.
