Financial Daily from THE HINDU group of publications
Wednesday, Dec 11, 2002
Financial Daily from THE HINDU group of publications Wednesday, Dec 11, 2002 |
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Industry & Economy
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Engineering Tooltech show bags orders worth Rs 3 cr Our Bureau
BANGALORE, Dec. 10 THE five-day Tooltech International Exhibition concluded here on Monday with the meet generating business orders worth Rs 3.1 crore. Twelve foreign countries participated in the event, held for the first time in the southern region. The exhibition provided a platform to the industry about India's potential as an important global outsourcing hub for cutting tools. Apart from the confirmed orders of Rs 3.1 crore, the exposition also resulted in a business enquiry worth Rs 15.3 crore for 165 exhibitors, including 46 foreign companies. Over 71 per cent of the exhibitors felt the Tooltech would generate more business for the year ahead. The President of the Indian Machine Tool Manufacturers' Association (IMTMA), Mr V.S. Goindi, said the outlook for the machine tool industry was very positive and the industry will easily maintain the current buoyancy for the next one or two years. The automobile and automotive components or ancillaries are the biggest consumers of cutting tools and tooling rooms. Hence the cyclic nature of the automobile sector also affects the machine tool manufacturing sector. The Indian industry has finally realised the need to focus on export potential. With the trend already evident in the shape of Toyota and Ford making India their global outsourcing hub for automotive components, thereby cutting down on costs. Toyota plans to expand its automotive component manufacturing capacity and is lining up further investment plans. Ford, which did indigenisation effort for its Ikon model is now looking at making India, the regional component and vehicle-sourcing hub, the former President of IMTMA, Mr Srinivas Shirgurkar, said, adding that "I for one will vouch that this is a new reality and a very positive one at that for the Indian machine tools industry."
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