Raymond - RPAL signs JVA with AJ Rose

Mumbai, Dec 13: Raymond Ltd has signed a 50:50 Joint Venture Agreement (JVA) between Ring Plus Aqua Ltd (RPAL), a Subsidiary of the Company and AJ Rose Manufacturing Company of USA (AJ Rose).

Raymond LTD informed this to BSE that the agreement was signed on December 13, 2006 between the RPAL and AJ Rose for setting up a project for manufacture of sheet metal components by establishing a manufacturing facility in India at an estimated initial project cost of Rs 166 million.

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 premium 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.

The said Joint Venture is subject to requisite regulatory and other approvals.

UNI