(Eds: Correcting IAM acronym in para 2) New Delhi, Dec 6 (PTI) Friction products maker ASK Automotive has signed an agreement with manufacturer of friction material Fras-le SA to set up a joint venture in India.
According to the agreement, the companies intend to forge a partnership of production of brake pads and linings for commercial vehicles for supply to OEM (Original Equipment Manufacturer) and IAM (Independent Aftermarket) markets.
The joint venture is lining up more than Rs 100 crore over 3 years and looking to generate more than 900 jobs, the company said in a statement.
The new company, which will be located in Manesar, Haryana, will operate under the name ASK Fras-le Friction Private Ltd.
The JV's products will be supplied to India, Bangladesh, Nepal and Sri Lanka and will also be exported to other countries through Fras-le's global network that is already serving more than 100 countries, the company said.
"The joint venture will enable customers to enjoy world-class products at competitive pricing. This is our contribution to the Make in India vision of the country," ASK Chairman and Managing Director K S Rathee said.
Fras-le is part of Randon Companies, a conglomerate that has been in the market for 68 years and employs 8,000 people.
ASK Automotive Pvt is into production of friction materials for motorcycles and scooters, manufacturing brake shoes, brake pads, clutches, brake assemblies and other aluminium die casting components. PTI PRJ ARD ABM .
This is unedited, unformatted feed from the Press Trust of India wire.