Business Daily from THE HINDU group of publications
Thursday, Jun 22, 2006
Business Daily from THE HINDU group of publications Thursday, Jun 22, 2006 |
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Corporate
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Outlook Precision group plans expansion, acquisitions Our Bureau
Pune , June 21 The Rs 75 crore Precision group, manufacturer of camshafts with capacities of three million units annually, has drawn up a Rs 100-crore investment plan that will enable it to rapidly expand capacities, acquire businesses abroad and upgrade its product mix to grab 20 per cent of the global requirement for the product, four years from now. The Solapur(Maharashtra)-based company, which presently has an 85 per cent domestic market share for the product, has its eye on future technologies in the camshaft space. It is in talks with a European manufacturer of hi-technology tubular camshafts that wants to manufacture in India at lower prices to tap the market for the product, Mr Yatin Shah, Managing Director, Precision group said. The group is a supplier to global clients such as GM and Daimler Chrysler. Precision, meanwhile, has firmed up plans to quadruple capacities to 12 million units annually in the next four years. "When we reach that level we will venture into new products such as tubular camshafts and valve train components," Mr Shah said. The company, meanwhile, is eyeing management buy-outs and is scouting for similar businesses in Europe for acquisitions that will add to its capacities. The group, meanwhile, will fund its expansion plans by raising funds through the primary market within the next 18-24 months according to Mr. Shah. The group currently has two companies, Precision Camsharfts Ltd (PCL) which caters to the domestic market and Clancey Precision Components, a joint venture with UK's G.Clancey Ltd to cater to the international market. According to Mr Shah plans are now being firmed up to merge the two companies within 3-6 months.
More Stories on : Outlook | Automobile Components
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