India’s ASK Automotive Ltd., a manufacturer of friction materials and the Brazilian company Fras-le S.A. (a Randon Company), that makes friction material with a revenue of more than $380 million have signed an agreement to establish a joint venturein India, informed the Indian business newspaper The Economic Times.
According to the agreement, the companies plan to enter into a partnership for the production of brake pads and linings for commercial vehicles to supply the OEM and IAM markets. The joint-venture will generate an employment of more than 900 people.
Located in Manesar, Haryana, the new company will operate under the name ASK Fras-le Friction Private Limited. The new company`s products will be supplied to India, Bangladesh, Nepal and Sri Lanka and will also be exported to other countries through Fras-le global network already serving more than 100 countries.
“The market for commercial vehicles in India 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”, states the CEO of Fras-le, Sérgio de Carvalho, referring, among other factors, to the economic stability in India.
The Economic Times was first published in 1961 and it is the world’s second-most widely read English-language business newspaper, after the Wall Street Journal, with a readership of over 800,000. It is published simultaneously from 12 cities—Mumbai, Bangalore, Delhi, Chennai, Kolkata, Lucknow, Hyderabad, Jaipur, Ahmedabad, Nagpur, Chandigarh, and Pune.