Thai-listed parts maker Fortune Parts Industry Plc (FPI) has entered into a joint venture agreement to build an aftermarket parts plant in India with the local ALP Group.

FPI has taken a 45% stake in the newly established company, called ALP FPI Parts Pte, with ALP holding the remainder of the equity. The registered capital is INR50m (US$735,000) and a new $2.2m plant is to be built in Delhi.

FPI generates annual sales of around $2.8m in India and the new plant is expected to lift revenues to around $14m by 2018, derived from a range of replacement parts and accessories.

FPI makes a broad range of parts for most major global auto brands, including plastic injection body parts, head and tail lamps, metal stampings and suspension, engine and electrical parts.

The group has been expanding its global footprint rapidly in recent years, with original equipment plants now operational in Bolivia, Colombia and Peru. Group sales are estimated to have reached THB1.9bn ($530m) in 2015.