Udit Seth, the CEO of Setco, said in Mumbai that with four manufacturing plants, of which two are outside India, his company plans to raise Rs. 116 crore (20 million Euros) in a span of two to three years.

Harish Seth, Chief Managing Director of Setco, said the JV would strengthen its position and would help them to penetrate the LCV, passenger car and farming equipment segment with new products. He added that the JV company’s— FTE Setco Automotive— production unit at Kalol would become operational in the coming months.

It will also manufacture components for passenger cars and commercial vehicles.

Setco is a Tier I supplier of clutches for heavy and medium commercial vehicles to many Indian manufacturers.

The company, which was incorporated in 1981, has it R&D base in the United Kingdom and a manufacturing plant in the US. Apart from Kalol, they have a plant in Uttaranchal.

FTE is a leading global manufacturer of hydraulic brake and clutch systems for passenger cars and commercial vehicles with more than 50 percent market share globally for clutch hydraulic systems.