The new company, Carr Lane India Private Limited, will manufacture non-flying components for the aerospace industry.
The US manufacturer will hold 70% in the joint venture and an initial investment of Rs 15-20 crore will go into the company.
“In the next three years, we plan to invest Rs 80-100 crore. Products will be manufactured in Rialto’s facility in Perungudi and Kelambakkam, primarily for the export market,” said Ranjit Pratap, MD, Rialto Enterprises.
Colin Frost, COO, Carr Lane Manufacturing, said, “The company has recognised an opportunity to not only control production costs through product sourcing from India but also a market within India for produced products. India is a significant market opportunity.”
News credit : Indiatimes