CRP India Pvt. Ltd., a Chennai-based pressure die casting company, has entered into a joint venture with Twin City Die Castings Company (TCDC) of the U.S. to produce aluminium pressure die casting which have varied applications for automobile and non-automobile industries.
Addressing presspersons here on Tuesday, Kumar Chandrashekar, Managing Director, CRP India, said the objective of the joint venture, CTI, was to achieve $20 million annual sales by 2013. The joint venture would have its facility at Gummidipoondi near here.
He said CRP would have a 51 per cent stake and TCDC 49 per cent in this venture. The joint venture would invest Rs. 100 crore in the next three years. Both companies had already invested Rs. 40 crore in the joint venture.
Mr. Chandrashekar said CRP was engaged in manufacturing parts for auto electricals, electronic ignition systems, fuel systems, transmission components, pumps and engine components. At present it had five plants in and around Chennai.
Over the past three years the company had grown by 25 per cent and reported turnover of Rs. 60 crore as on March 31, 2009.
Todd Olson, Director, Business Development, Twin City, said the joint venture would have India as its manufacturing hub catering to the needs of clients across the U.S., Europe and even India.