Amtek Auto signs 50:50 JV with Magna

Amtek Auto has signed a 50:50 joint venture (JV) agreement with Canadian firm Magna Powertrain to establish a manufacturing facility outside Delhi for 2-piece flex plate assemblies for automotive applications.

According to a release issued by Amtek to the BSE today, manufacturing operations of the joint venture are expected to commence by late 2007.

"The joint venture will initially export flex plate assemblies entirely to the European markets with production to follow for the Indian market. Flex plate assemblies are used in automobiles with automatic transmission systems," the release added.