Greaves Cotton planning Rs.600 mn expansionSeptember 24th, 2008 - 8:56 pm ICT by IANS
Gummudipoondi (Tamil Nadu), Sep 24 (IANS) Engineering major Greaves Cotton Ltd will invest around Rs.600 million ($13 million) for expanding and upgrading its production facilities in India, a top official said Wednesday. Inaugurating the company’s new agro engines plant here, around 80 km from Chennai, Greaves Cotton managing director and chief executive P. Sachdev said: “We will introduce new breed higher capacity ready mix concrete batching plants, truck mixers and concreting pumps. We will also introduce 19-tonne bomag compactors this year.”
The Rs.13.5 billion company is also planning to enter the small power (25hp and 35hp) tractor segment. “We will have to get the product approved first. It will take two years time for us to enter this segment,” Sachdev said.
The company will import tractors from China and sell them in the Indian market.
“We want to be in the entire agri equipment chain and tractors fit that plan. Further, we don’t have to set up a new distribution network as the company’s existing distributors of power tillers will sell the tractors,” he added.
Apart from tractors, Greaves Cotton will import a host of small Chinese agricultural equipment like bush cutter, weeders, tea plucking machines and power sprayers.
The company is targeting 25 percent growth in the agri equipment business, Sachdev said.
He added that the company was going slow on its auto components business plans due to the economic downturn. Earlier, the firm floated a new company, Greaves Auto Ltd, for this purpose.
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