Financial Daily from THE HINDU group of publications
Tuesday, Mar 29, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 29, 2005 |
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Corporate
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Announcements Markets - IPOs Talbros Automotive on expansion mode; plans IPO in June Neha Kaushik
New Delhi , March 28 TALBROS Automotive Component Ltd (TACL), a leading manufacturer of auto components is, coming out with an Initial Public Offering through a 100 per cent book-building route. The company is looking to raise Rs 50 crore through the public issue, which is expected some time in June this year. According to Mr K. Sairam, President, TACL, the company is raising funds to set up a forging unit in Haryana to cater to the existing demand within the group and to invest in a recently formed joint venture with Nippon Leakless Corporation (Japan). The company is also planning to expand the current gasket manufacturing facility at Faridabad and Pune plant. TACL would be investing close to Rs 32 crore for setting up the forgings unit and initially would be supplying about 60-65 per cent of the production to group company, QH Talbros. The company expects the forgings unit to achieve a turnover of about Rs 100 crore in the next 4-5 years, with a significant proportion of sales coming from the export market. Meanwhile, TACL had recently entered into a joint venture with its technical collaborator Nippon Leakless Corporation to set up a unit at Manesar to manufacture selective gaskets. The new company, in which Nippon has 60 per cent equity, is called Nippon Leakless Talbros Ltd. The unit is being set up with an initial investment of Rs 10 crore and would begin commercial production in the first quarter of 2005-06. TACL manufactures gaskets and has plants at Faridabad, Sohna, Pimpri and Pune.
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