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Mumbai, Oct. 18 Magna Powertrain, an operating unit of Canadian-based Magna International Inc, and RICO Auto Industries Ltd, an Indian-based powertrain components and assemblies supplier, today announced the formation of 50:50 joint venture to establish a new manufacturing facility located in Gurgaon, Haryana.

The new facility will produce oil and water pumps with aluminium housings for automotive engine applications for the Indian and European markets. Production is scheduled to begin in early 2009, said the press release.

Mr Guenther Apfalter, President, Magna Powertrain Europe and Asia, stated: “This joint venture is a significant step forward for both companies.”“We welcome this joint venture with Magna Powertrain as it provides RICO Auto with significant value-added opportunities for further growth in our home market as well as potential growth in other markets around the world,” said Mr Arvind Kapur, Managing Director of RICO Auto.

More Stories on : Alliances & Joint Ventures | Automobile Components

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