Chennai: Ashok Leyland has forayed into a joint venture with the Alteams Group of Finland to manufacture high pressure die casting (HPDC) aluminium products for automotive and telecommunications applications. The equal joint venture will infuse Rs 175 crore in the first phase. The venture will initially operate from leased premises and begin operating pretty much immediately. The joint venture was looking for some 30 acres near Chennai and had identified a few locations.
The venture will attain a turnover of Rs 280 crore in 2008-09. Due to the demand for HPDC products, work on the second phase of the project would also begin shortly. The Alteams Group is owned by the $1.4-billion Kuusakoski Group, an international metals recycling company. The joint venture agreement did not preclude Ashok Leyland''s associate company, Ennore Foundries Ltd, from foraying the high pressure die casting business. Ennore Foundries today produces grey iron casting products, for automotive applications.
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