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Setco Automotive Ltd & Lingotes Especiales Establish Lava Cast
India's Setco Automotive Ltd and Spanish Lingotes Especiales S.A. have announced the formation of a new 30 million Euros joint venture called Lava Cast Pvt Ltd. The new company will focus on developing and manufacturing fully machined ferrous casting products for the automotive & other industries.
Lava Cast will have equity participation by both companies. As part of this agreement, Lingotes Especiales will act as the Technology Partner for Lava Cast.
The new global alliance between Setco and Lingotes was carried out at a function held at the foundry site at Kalol (PMS), Gujarat on 1st May 2014. Operations at the foundry will begin in one year.
Setco, started in May 1982, is the largest manufacturer of Premium Quality Lipe brand clutches for commercial vehicles in India.
Lingotes Especiales on the other hand is from Valladolid, Spain and is into the design, development, casting, machining and assembly of grey and ductile iron components for use mainly in automotive, electrical appliances and civil engineering.
Mr. Vincent Garrido, Chairman Lingotes Especiales said, "Setco has a strong presence in India in the clutch business. They enjoy excellent relationships in the sector, and have a strong understanding of manufacturing. With them, we are confident of creating a reliable supply base of castings for the international market. Geographically they are located in the power surplus state of Gujarat, which has access to good ports as well as a good workman culture. We are excited to extend our 4 decades of manufacturing experience into India. Our long-standing experience in this sector, will substantially reduce the uptime of this new project."
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