Aequs, a global precision machining company, has formed a joint venture with Mumbai-based deep hole drilling solutions provider Precihole Machine Tools, which will enable both the firms to combine technological expertise and infrastructure to jointly manufacture precision machined components for global markets.

This new facility is estimated to be operational by August 2016.

The joint venture is aimed at leveraging low cost manufacturing advantages while delivering to global companies, which are keen to source precision machining components from emerging economies like India.

Apart from the Oil and Gas sector, deep hole drilling finds applications in Defence, Automotive, as well as Aerospace.

"It is part of our business strategy to strengthen our manufacturing offerings to our customers by partnering with industry experts such as Precihole and offer world class capabilities across the verticals. With this strategic partnership in Deep Hole Drilling, we are confident of positioning Aequs to be a significant player in the Oil & Gas sector when the market rebounds," said Aravind Melligeri, Chairman & CEO, Aequs.

The venture will further strengthen Aequs' manufacturing capabilities across all of the industry verticals where Aequs has a strong presence.

More specifically, the capabilities offered by this joint venture are directly applicable for aircraft landing gear, in which the Aerospace segment already provides precision-machined landing gear components, the company said in a statement.

Aequs serves customers like Baker Hughes and Halliburton among others in the Oil and Gas segment.

"We are excited to partner with Aequs and exchange our knowledge and expertise and leverage the infrastructure available in Aequs SEZ to set up our new facility. This new relationship will lead to providing better services to our customers and we look forward to a robust growth with new business opportunities," said V R Nayak, Co-founder, Precihole Machine Tools.