Raymond has entered into a joint venture agreement with US-based AJ Rose for setting up a manufacturing facility in India with an initial investment of Rs 16.6 crore (Rs 166 million).
Raymond's subsidiary Ring Plus Aqua Ltd, signed the joint venture agreement with AJ Rose for the facility that would manufacture sheet metal components, the company informed the Bombay Stock Exchange.
The joint venture is subject to requisite regulatory and other approvals, it added. RPAL is engaged in the manufacturing and marketing of automotive components like -- starter ring gears, integral shaft bearings, flex plates and sheet metal pulleys at its plant situated at Sinnar, Maharashtra.
AJ Rose is a premium sheet metal component manufacturer and supplies different kinds of pulleys, precision stampings, water pump components to the leading automobile manufacturers.
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