The Chennai based die casting company CRP India has formed JV with the US based Twin City Die Castings Company (TCDC).

The new JV company - CRP TCDC Die Casting India - is likely to have India as its manufacturing hub catering to the markets in the US and Europe. The JV has been facilitated by Worbus International, a global M&A investment bank operating in North America, Europe and Asia.

Initially, the JV partners have invested Rs 40 crore to construct a 10,000-sq ft facility near Chennai, and the production is expected to start soon. The JV company is planning to invest over Rs 100 crore in the next three years. The company will start its basic operations in the first year and enter new verticals in the second year and in the third Worbus will bring in PE capital for its expansion through acquisition of new facilities or through expansion.

While CRP is likely to provide support to the JV's operations, engineering and infrastructure, TCDC is to contribute to its working capital and business development. The new venture will also foray into the non automobile arena which will include the medical, aerospace, electronics and electrical verticals.