Pune based ALCOR Fund’s portfolio company Automation & Control today signed a Joint Venture Agreement with Detroit based Auto/Con – Automation Control Systems Inc; which designs, develops, engineers and manufactures high-value custom production automation and robotic systems.
The Joint Venture Company will start production from the existing Automation & Control plant in Shirwal near Pune and would set up a new plant by June 2015. The Pune plant will offer Integrated Design Solutions, Powertrain, Integrated Assembly lines for Automotive, Automation & Robotic systems, Material handling systems, Gauging, Automation and Industrial washing systems, Mechanical Power Transmission Design and Custom built special purpose machines.
The JV will be formed with an investment of INR 75 crores and create employment for over 200 people in Pune with an aim to employ 1500 people by 2020. The JV would cater to clients in the Automotive, Consumer, Industrial Appliances, Electronic, Medical and Energy sectors in India and abroad.
Speaking on the occasion, Mr. George Molakal CEO, ALCOR Fund said “We are excited about our association with Auto/Con. Auto/Con comes with over 40 years of experience in Robotics, Automation and Machine design. The new JV will serve the growing demand for Automation and Robotics products and systems in various industry verticals in India and globally. The objective of the JV is to deliver on-time quality products leading to customer satisfaction.
Mr. Christopher Michayluk, CEO, Auto/Con, said “We are looking forward to our new relationship. We are excited of the potential for expansion in the Indian and Asian markets. Automation and Control has an understanding of the Indian market and implements global manufacturing practices. The JV will help us become globally price competitive by using the local Indian intellectual talent.”