You are here: Home » PTI Stories » National » News
Business Standard

ASK to set up Rs 100cr brake pad plant in JV with Brazilian co

Press Trust of India  |  Mumbai 

Haryana-based friction materials maker ASK Automotive plans to set up a brake pads and linings facility for commercial vehicles in partnership with Fras-le of Brazil at an investment of over Rs 100 crore.

The two partners today signed an agreement to set up a joint venture that will come up near its Manesar facility, and is likely to generate over 900 new jobs, it added.

The JV will manufacture brake pads and linings for commercial vehicles (trailers, trucks and buses above 3.5 tonne), and will operate under the name of ASK Fras-le Friction, ASK Automotive said in a statement.

The partners will invest over Rs 100 crore over the next three years into the facility, which will exports to the neighboring markets like Bangladesh, Nepal and Sri Lanka, besides meeting domestic demand, it said.

The Brazilian company manufactures automotive friction materials and is the part of the Randon Companies, and is present in over 100 countries.

"The JV will enable customers to enjoy world-class products at competitive pricing," ASK Automotive chairman and managing director KS Rathee said.

The new facility will cater to all the leading OEMs and secondary markets or IAM markets (independent after markets), the company added.

"The domestic market for commercial vehicles is very large and shows excellent prospects for future development. Fras-le wishes to be part of this market, which is in line with our plans for growth and internationalization", Fras-le chief executive Srgio de Carvalho said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, December 06 2017. 19:45 IST