New Delhi, 06th December, 2017: ASK Automotive (P) Ltd., a leading manufacturer of friction materials in India with a Group turnover of more than 220 million USD, and Fras-le S.A. (a Randon Company), a leading manufacturer of friction material with revenue of more than 380 million USD and shares traded on the stock exchange (BOVESPA FRAS), have signed an agreement to establish a joint venture in India.
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 plans to invest more than Rs.100 Crores over a period of 3 years and generating a further 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 Joint Venture will enable customers to enjoy world class products at competitive pricing. This is our contribution to the “Make in India” vision of the country”, states K. S. Rathee, Chairman and Managing Director, ASK.
“I foresee a great future for the Joint Venture as it combines best-in class technology with India’s manufacturing strengths” added Aman Rathee, President, ASK Automotive – Friction division.
“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.
“Within our group, we have a long history of participating in Joint Ventures and we believe that this operation in India will be very successful as well”, said David Abramo Randon, President of Randon Companies.
The Joint Venture will allow the company to add production capacity and versatility to the production of brake pads and linings for commercial vehicles (trailers, trucks and buses above 3.5 tons), offering cost improvement opportunities to the global structure.
About ASK Automotive Pvt. Ltd – ASK Automotive Pvt. Ltd is a leading company in the production of friction materials for the segment of motorcycles and scooters, manufacturing brake shoes, brake pads, clutches, brake assemblies and other aluminium die casting components. In the market for 29 years, the Company is committed to engineering excellence and stringent quality controls in each stage of its manufacturing process. Ask Automotive has its own Research, Development and Design Center. Established in 1989, the ASK group has 14 strategic manufacturing locations throughout India and employs more than 6500 people. Always focused on quality, delivery time and competitiveness, the ASK brand is recognized by the major automakers of India. For further information, please visit www.askbrake.com
About FRAS-LE S.A.- Fras-le (BOVESPA:FRAS) in the market for over 60 years, is one of the five largest manufacturers of friction materials in the world, with plants strategically located in Brazil, United States and China, in addition to warehouses in Argentina, Europe, United States and Colombia, Commercial Operations in Chile, Europe, Mexico, the United Arab Emirates, and South Africa, allowing the Company to meet international demand quickly and effectively. With a portfolio of more than 12,000 P/Ns of the brands FRAS-LE and LONAFLEX, the Company manufactures brake pads and linings for heavy vehicles; brake pads, linings and shoes for light vehicles; clutch facings, brake pads and brake shoes for motorcycles; brake pads for aircraft; brake pads and shoes for trains and subways; molded and woven linings and universal sheets and other products for hydraulic brake systems such as master cylinders, wheel and clutches, repair of parts and others.
Fras-le is part of Randon Companies, a conglomerate that has been in the market for 68 years and employs 8,000 employees. The conglomerate is made up of leading companies in South America in the segments of vehicles and road equipment, auto parts and financial services. For further information, please visit www.fras-le.com.