Automotive Ltd (Setco) and Lingotes Especiales S.A. (Lingotes) have announced
the formation of a 30 million Euros (Rs 250 crore approx.) joint venture over three years
called Lava Cast Pvt Ltd, focused on developing and manufacturing fully
machined ferrous casting products for the automotive and other industries,
according to a company statement.
Cast Pvt Ltd (The JV Co.) will have equity participation by both companies. As
part of this agreement, Lingotes Especiales will come on board of Lava Cast as
the Technology Partner.
“The World class Lava Cast foundry is the next
step in our vision which will make Setco Automotive the preferred OEM supplier/
partner globally. In Lingotes, we found a strategic partner to help us achieve
this vision. Bringing over 40 years of experience in the foundry industry and
key OEM clients; Lingotes will help us to extend our reach into new customer
bases and to build our collective product portfolio in the coming years.
Indian foundry market currently holds great promise and has the potential to
emerge as a key global export hub. We are looking to create a niche for
ourselves in this market with a world class fully machined casting set up,
which will add tremendous value. With the support of Lingotes Especiales, Lava
Cast is confident of becoming a reliable company meeting global quality
standards. Setco will also off take the castings for its own captive
consumption” said Harish Sheth, Chairman & Managing Director, Setco
This global alliance between Setco and
Lingotes was carried out at a function held at the foundry site at Kalol (PMS),
Gujarat on May1, 2014, adjacent to the current clutch manufacturing operations
of Setco. The proposed foundry will start commercial production in one year.
Garrido, Chairman Lingotes Especiales said, “Setco has a strong presence in
India in the clutch business. They enjoy excellent relationships in the sector,
and have a strong understanding of manufacturing. With them, we are confident
of creating a reliable supply base of castings for the international market.
Geographically they are located in the power surplus state of Gujarat, which
has access to good ports as well as a good workman culture. We are excited to
extend our 4 decades of manufacturing experience into India. Our long-standing
experience in this sector, will substantially reduce the uptime of this new
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