ASK Automotive Signs Joint Venture With Fras-le, Brazil
ASK Automotive (P) Ltd., a leading manufacturer of friction materials in India with a Group turnover of more than 220 million USD, and Fras-le S.A. (a Randon Company), a leading manufacturer of friction material with revenue of more than 380 million USD and shares traded on the stock exchange (BOVESPA FRAS), have signed an agreement to establish a joint venture in India.
According to the agreement, the Companies plan to enter into a partnership for the production of brake pads and linings for commercial vehicles to supply the OEM and IAM markets. The Joint Venture plans to invest more than Rs.100 Crores over a period of 3 years and generating a further employment of more than 900 people.
Located in Manesar, Haryana, the new company will operate under the name ASK Fras-le Friction Private Limited. The new company`s products will be supplied to India, Bangladesh, Nepal and Sri Lanka and will also be exported to other countries through Fras-le global network already serving more than 100 countries.
The Joint Venture will allow the company to add production capacity and versatility to the production of brake pads and linings for commercial vehicles (trailers, trucks and buses above 3.5 tons), offering cost improvement opportunities to the global structure.