Castings industry set to clock 20% growth
TIMES NEWS NETWORK[ FRIDAY, DECEMBER 19, 2003 04:59:41 AM ]

CHENNAI: After auto components and machine tools, it is the turn of the foundry industry producing steel and aluminium and other non ferrous castings to ride on the buoyancy in the automobile sector.

With an equal surge in exports, the Institute of Foundrymen (IIF), has found India emerging a strategic source for castings by multinationals across the globe.

S R V Ramanan, national president of IIF and other office bearers informed media persons in Chennai on Thursday, producing over three million tonnes of grey iron, ductile iron and different castings, the industry is set to sustain the 20% growth in the near future.

This year, gross turnover is expected to touch Rs 11,000 crore from Rs 10,000 crore in 2002-03 with exports likely to hit Rs 2,000 crore  (Rs 1,500 crore). Now, India is the sixth largest producer of castings in the world. By 2010, it is expected to emerge a destination for sourcing.

The industry has also attracted substantial investments by leading corporates which already have built capacities to meet in-house demand. Like Maruti, other auto majors are expected to set up foundries for producing steel and aluminium castings as backward integration ventures.

IIF has also launched cluster development programmes with the support of Unido and SISI for benefiting the SMEs in technology update, quality and other issues.

In order to showcase the industry’s capability to domestic and global players, IIF is hosting the 52nd Indian foundry congress between February 6 and 8 at Hitech City , Hyderabad .

Alongside, there will be two expositions, Castings India 2004 and Foundrex India 2004. The expo will have participation from Germany , China , US and UK . Visitors are expected from West Asia , Saarc countries, South East Asia, China, Europe , US, Russia and Austria .