Ring Plus Aqua (RPAL), a subsidiary of Raymond, has entered into a 50:50 JV agreement with US-based AJ Rose Manufacturing Company, US for setting up a sheet metal component manufacturing facility in India at an estimated initial project cost of Rs 16.6 crore.According to an official release issued by Raymond to the BSE today, the JV is subject to requisite regulatory and other approvals.RPAL is engaged in the manufacturing and marketing of starter ring gears, integral shaft bearings, flexplates and sheet metal pulleys at its plant situated at Sinnar, Maharashtra, India.AJ Rose is a sheet metal component manufacturer, based in US. AJ Rose supplies different kinds of pulleys, precision stampings, water pump components to the leading automobile manufacturers, through its state-of-art manufacturing units based in Avon & Cleveland, Ohio.
