Hinduja group flagship firm Ashok Leyland and Finland—based Alteams Group under their joint venture “Ashley Alteams India Private Ltd” today inaugurated their manufacturing facility at Sozhavaram near here.
The new facility would meet Ashok Leyland’s requirements for components for engines and gearboxes, a company release said.
The two companies joined hands in 2007 to manufacture High Pressure Die Casting (HPDC) aluminium products for the automotive and telecommunication sectors.
The 50:50 JV would synergize Ashok Leyland’s experience and expertise in the automotive sector with Alteams’ know-how of High Pressure Die Casting and their insights into telecommunications sector, it said.
“We are already present in the foundry business through Ennore Foundries. This JV broadens our portfolio to meet the demand of castings from the automotive and telecommunications sectors”, Ashok Leyland Managing Director R. Seshasayee said.
The two companies had commenced activities in 2007 and phase one was completed in 2008 at an investment of over Rs. 1.75 billion, it said.
In Phase II, the joint venture would enhance its product portfolio with HPDC components for automotive sectors including passenger cars and for non-automotive applications, the release added.
Tamil Nadu Deputy Chief Minister M. K. Stalin and Finland Communications Minister Suvi Linden were among those attend the programme.