Amtek India has formed a joint venture with Japan-based Riken Corporation, to build an iron casting foundry in Rajasthan.
The foundry will be located at Bhiwadi, in Rajasthan, and is scheduled to start operations by the fourth quarter of 2015.
The 50:50 JV will initially produce 15 lakh iron camshafts a year for the automobile industry. Amtek India will provide an initial capital of Rs 25 crore for the JV through cash reserves.
Tokyo-based Riken Corporation is mainly engaged in the manufacture and sale of automotive components, industrial machinery parts and other products. Besides Japan, its manufacturing plants are located in China, Taiwan, Indonesia, Thailand, India, the US and Mexico.
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