Synergies LTD to set aluminium manufacturing company in Visakhapatnam

Visakhapatnam, May 2: Synergies Castings Ltd, a leading aluminium alloy wheel manufacturer, will establish a major greenfield aluminium casting and specialty alloy wheel manufacturing facility in this port city of Andhra Pradesh, it was announced on Tuesday.

The company said it had signed an MoU with the Andhra Pradesh government, in the presence of Chief Minister N. Chandrababu Naidu, for this purpose.

The project cost of $100 million will be financed by the existing shareholders, accruals and bank debt, the company said in a statement.