The Hindu Business Line : Ashok Leyland, Finnish co Alteams open new unit

CHENNAI: Hinduja group flagship firm Ashok Leyland and Finland-based Alteams Group under their joint venture “Ashley Alteams India Private Ltd” on Wednesday inaugurated their manufacturing facility at Sozhavaram near here.

The new facility would meet Ashok Leyland’s requirements for components for engines and gearboxes, a company release said.

The two companies joined hands in 2007 to manufacture High Pressure Die Casting (HPDC) aluminium products for the automotive and telecommunication sectors. The 50:50 joint venture would synergise Ashok Leyland’s experience and expertise in the automotive sector with Alteams’ know-how of High Pressure Die Casting and their insights into telecommunications sector, it said.

“We are already present in the foundry business through Ennore Foundries. This joint venture broadens our portfolio to meet the demand for castings from the automotive and telecommunications sectors,” the Ashok Leyland Managing Director, Mr R. Seshasayee , said.

The two companies had commenced activities in 2007 and Phase I was completed in 2008 at an investment of over Rs 175 crore. In Phase II, the joint venture would enhance its product portfolio with HPDC components for automotive sectors including passenger cars and for non-automotive applications, the release said.

The Tamil Nadu Deputy Chief Minister, Mr M.K. Stalin, and the Finland Communications Minister, Mr Suvi Linden, were among those attended the programme. — PTI

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