Raymond subsidiary RPAL signs JVA with AJ Rose

Raymond Ltd has announced that a 50 : 50 Joint Venture Agreement (JVA) has been signed on December 13, 2006 between 'Ring Plus Aqua Ltd’ (RPAL) a Subsidiary of the Company and 'AJ Rose Manufacturing Company' of USA (AJ Rose) for setting up a project for manufacture of sheet metal components by establishing a manufacturing facility in India through a 50 : 50 Joint Venture Company at an estimated initial project cost of Rs 166 million.

RPAL is engaged in the manufacturing and marketing of starter ring gears, integral shaft bearings, flexplates and sheet metal pulleys at its plant situated at Sinnar, Maharashtra, India.

AJ Rose is a premium sheet metal component manufacturer, based in US. AJ Rose supplies different kinds of pulleys, precision stampings, water pump components to the leading automobile manufacturers, through its state-of-art manufacturing units based in Avon & Cleveland, Ohio.

The said Joint Venture is subject to requisite regulatory and other approvals.

Source : Equity Bulls

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