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New Delhi June 19 German automotive supplier Continental AG has entered into a 50:50 joint venture with Rico Auto Industries to set up a hydraulic brake systems plant in Gurgaon.

A statement from the company on Tuesday said that the plant would be set up in two phases and is expected to generate sales of Rs 165 crore by the end of the first phase, which is expected to be operational by the fourth quarter of 2008.

The plant is expected to have an annual capacity to produce one million units of brake actuation and two million units of brake calipers, 1.5 million units drum brakes and 0.5 million units of load sensing proportioning valves.

"The new plant will become the production base of our hydraulic braking products in India," Mr Heinz Zingel, Continental Automotive Executive Vice-President (hydraulic brake systems), said in the statement.

More Stories on : Alliances & Joint Ventures | Automobile Components

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