Financial Daily from THE HINDU group of publications
Friday, Aug 19, 2005
Financial Daily from THE HINDU group of publications Friday, Aug 19, 2005 |
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Corporate
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Performance Sundram Fasteners' China unit doing Rs 1-cr biz a month Our Bureau
Chennai , Aug. 18 SUNDRAM Fasteners (Zhiejiang), which is India's first engineering unit to be set up in China, has picked up business and is currently doing business worth Rs 1 crore a month, the Chairman and Managing Director of Sundram Fasteners Ltd, Mr Suresh Krishna, told the company's shareholders today. However, the plant's capacity is not yet fully utilised. At the company's annual general meeting today, he said that the Chinese subsidiary, which had been only exporting out of China, would soon start supplying to multinational companies located in China. Meanwhile, the company has decided to raise the capacity of its UK subsidiary, Cramlington Precision Forge. A press is to be added. Investment will depend upon the type of press and its capacity, which are being worked out. Sundram Bleistahl Pvt Ltd, a joint venture with Bleistahl Produktions GmbH of Germany, will start producing sintered valve guides and valve seats from the third quarter of the current year, from its 100 per cent EOU in Hosur, Mr Suresh Krishna said. He told shareholders that the company envisioned a place among the top three fastener manufacturers in the world. At present, the company is among the top 10.
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