Setco Automotive Ltd. has informed that the company and Lingotes Especiales S.A. announced on May 01, 2014 the formation of INR 1.55 billion joint venture called Lava Cast Pvt Ltd. focused on developing and manufacturing fully machined ferrous casting products for the automotive & other industries. Lava Cast Pvt Ltd. (the JV CO.) will have equity participation by both companies. As part of this agreement, Lingotes Especiales will come on board of Lava Cast as technology partner.