Minneapolis-based Twin City Die Castings Co. has entered into a joint venture with an Indian diecaster, CRP India, according to reports from that country. Twin City Die Castings reportedly has taken a 49% stake in a new high-pressure diecasting operation near Chennai, now renamed CRP TCDC Die Casting India.
CRP India is a conglomerate that has been supplying automotive components for several decades.
The value of the investment is not known, though the partners reportedly will invest an estimated $21.7 million in their operation over the coming three years. The project involves adding a new production line to a 60,000ft 2 CRP India diecasting operation at Gummidipoondi, and to add a new line covering 10,000 ft 2.
The plant already features CNC machine tools for finishing castings, as well as testing equipment. The new line will be ready for production by August, but further expansion will continue into 2011.
Twin City Die Castings produces aluminum and magnesium diecastings at plants in Minneapolis and Monticello, MN, and Watertown, SD.
The joint venture will supply the automotive sector, mainly, but it also will produce components for Twin City Die Castings’ customers in India, the U.S., and Europe, in markets like medical, aerospace, and electronics.
In one local report, a Twin City Die Castings executive explained: “We are bullish on the Indian growth prospects and would like to grow along with the expanding manufacturing base.” He listed a number of the diecaster’s leading customers that are operating in India already.
Twin City Die Castings Invests in India
Joint venture with CRP India will supply local automakers