Shiva
group plans to invest Rs 10 cr more in local subsidiary
BANGALORE:
The US-based Shiva group, a Rs 60-crore materials research, development,
application and testing company, is planning an additional investment
of Rs 10 crore in its subsidiary, Indo US Metal Injection Moulding (MIM)
Tec, in India.
According
to Ajeet Khare, managing director of the company, the group has so far
invested Rs 45 crore, and the additional investment is towards tapping
the Indian market.
The
company is currently servicing the needs of automobile companies in
Pune, watch industry in Bangalore and Hosur and ordinance factories.
It has also initiated exports to leading companies in the US, France,
Italy, Israel, South Africa, Singapore and Malaysia. A significant part
of the investment will be towards establishment of a world-class manufacturing
and R&D facility for Shiva Analyticals, Mr Khare said.
The
market for the MIM technology is growing rapidly, pegged at 25% internationally
and 50% in India. While the Indian market is valued at around Rs 10
crore, the international business is estimated at $700m. According to
Mr Khare, MIM is practically redefining the way complex parts are manufactured
across the world. This technology provides direct cost advantage because
of the direct machining model. “Though the technology is exciting and
has been around for over 15 years now, globally, there are few firms
which have been able to build sizeable businesses around them,” said
Mr Khare.
In
India, Indo US MIM Tec is the only large player in the arena. Requiring
no machining, MIM moulds components of highly complex geometries and
small sizes with precision and speed to meet large volume requirements,
in a cost effective manner, without compromising on quality, Mr Khare
said.
The
company’s main production facility is located at Hoskote, spread over
five acres of land with 30,000 square feet of covered area. The company
is one of the few in India to have the TS 16949-’02 certification and
is also an ISO 9001-’00 certified company.
The
firm had posted revenues of Rs 12 crore for the ’02 and has targeted
Rs 25 crore in ’03.
ANIL URS
TIMES NEWS NETWORK
[ MONDAY, AUGUST
04, 2003 09:48:18 PM ]
