ANG, Fuwa to set up JV company

ANG Exports engaged in auto ancillary, has entered into a MoU with Fuwa Engineering set up a joint venture company in India.

ANG Exports Ltd engaged in auto ancillary business, said on Friday that it has entered into a MoU with Chinese Fuwa Engineering Company Ltd to set up a joint venture company in India.

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The JV company will entail an investment of 6 million dollar in the next 12 months and will manufacture trailers, trailer axles and other components, ANG Exports informed the Bombay Stock Exchange.

Fuwa will hold 10.5 per cent stake in the proposed JV company being incorporated in the name of ANG FUWA Ltd in India, it said.

Fuwa shall appoint one director in the board of the new company, it added.

ANG Exports Ltd manufactures and exports trailer axle, transmission and air-brake components.