(Eds: Correcting IAM acronym in para 2)New Delhi, Dec 6 (PTI) Friction products maker ASKAutomotive has signed an agreement with manufacturer offriction material Fras-le SA to set up a joint venture inIndia.
According to the agreement, the companies intend to forgea partnership of production of brake pads and linings forcommercial vehicles for supply to OEM (Original EquipmentManufacturer) and IAM (Independent Aftermarket) markets.
The joint venture is lining up more than Rs 100 croreover 3 years and looking to generate more than 900 jobs, thecompany said in a statement.
The new company, which will be located in Manesar,Haryana, will operate under the name ASK Fras-le FrictionPrivate Ltd.
The JV's products will be supplied to India,Bangladesh, Nepal and Sri Lanka and will also be exported toother countries through Fras-le's global network that isalready serving more than 100 countries, the company said.
"The joint venture will enable customers to enjoyworld-class products at competitive pricing. This is ourcontribution to the Make in India vision of the country," ASKChairman and Managing Director K S Rathee said.
Fras-le is part of Randon Companies, a conglomeratethat has been in the market for 68 years and employs 8,000people.
ASK Automotive Pvt is into production of frictionmaterials for motorcycles and scooters, manufacturing brakeshoes, brake pads, clutches, brake assemblies and otheraluminium die casting components. PTI PRJ ARDABM.
This is unedited, unformatted feed from the Press Trust of India wire.