CX Precision Mechanical to set up facility at Sri CityMay 9th, 2012 - 1:25 pm ICT by IANS
Chennai, May 9 (IANS) CX Precision Mechanical (India), part of the Rs.900-crore-turnover Chunxing Group of China, will set up a die-castings unit at Sri City Special Economic Zone (SEZ) in Andhra Pradesh at an outlay of Rs.40 crore, a senior official said.
The plant, around 80 km from here, is expected to go on floors from October.
“The plant is expected to go on stream this October with construction getting over a month earlier. We are now catering to Nokia Siemens Networks and Sanmina-SCI located in Tamil Nadu out of China. With our plant at Sri City we will be supplying them locally,” R.N. Kannan, CX Precision general manager told IANS.
According to him, the Chinese company is doing business worth around Rs.70 crore in India which is expected to go up in the future.
“In the first phase, we will be investing around Rs.40 crore. Based on the business, we will decide on further investments. Our plan is to invest around Rs.100 crore to cater to overseas market out of here in the long term,” Kannan said.
Chunxing is a leading manufacturer of die castings and other products mainly catering to telecom, automotive, electronics, medical and aviation industries.
Kannan said the Indian company would be employing around 300 people when the plant goes on stream.
According to Ravindra Sannareddy, managing director, Sri City, the SEZ has companies from over 22 countries ranging from the US to Japan and around five more companies are expected to set up their production base at Sri City within the next six months.
- Tamil Nadu invites electronic industries' ancillaries - Mar 28, 2010
- Workers of India unit of US-based firm on strike - Feb 16, 2011
- Sanmina SCI worker's strike enters second day (Lead) - Feb 16, 2011
- Kobleco Construction to double sales in 2011 - Apr 14, 2011
- Murugappa group plans Rs.1,000 capex in 2012-13 - May 10, 2012
- Siemens to invest Rs.400 crore on wind turbines in India - Nov 30, 2010
- Kobelco Cranes mulls capacity expansion - Feb 02, 2012
- Tamil Nadu's three new SEZs eye Rs.3,400 crore investments - Feb 19, 2011
- Lepakshi Knowledge Hub to set up textile park - Feb 29, 2012
- IT investment region to come up around Hyderabad - Sep 08, 2012
- Buddhadeb hits out at Trinamool over Infosys imbroglio - Aug 05, 2012
- NTPC order will be met with local, imported machines: BGR - Sep 15, 2011
- We can't change our anti-SEZ stand: Mamata - Apr 27, 2012
- BGR Energy cuts capex for JVs with Hitachi - Aug 09, 2012
- Mamata rules out SEZ for Infosys - Feb 27, 2012
Tags: automotive electronics, aviation industries, business worth, chinese company, city chennai, die castings, doing business, investments, kannan, managing director, nokia, nokia siemens networks, outlay, rs 40, sanmina sci, siemens, six months, special economic zone, telecom, turnover