Towanda Metadyne and Prakash Steelage Ltd. signed an agreement to establish a specialized unit to manufacture forgings for equipment used in the U.S. mining and construction industries. The $6.5 million project will involve the manufacture of forgings at Prakash Steelage’s existing plant in India. Pennsylvania-based Towanda Metadyne will finance 50% of the new venture, provide the required technology and purchase the entire output.