Auto ancillary manufacturer Amtek Auto has informed that it has entered into a joint venture with the US-based FormTech Industries LLC to setup a facility for manufacturing hatebur hot forgings for automotive applications in India and Europe. FormTech is a leading manufacturer and supplier of precision hot, warm and cold forging components. It has the highest concentration of Hatebur Hot Forging machines in the world and is the largest lads pendent automotive forgings suppliers in the US. Under the deal, Amtek Auto would hold 51% stake while FormTech Industries' stake would be 49%. The joint venture is scheduled to be fully operational in about 12 to 18 months. However, the financial details were not disclosed.