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| Fein floats Indian subsidiary |
| BS Reporter / Chennai Nov 19, 2009, 00:32 IST |
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Germany-based Fein, a power tool manufacturing company, on Wednesday floated its Indian subsidiary — Fein India Pvt Ltd — headquartered in Chennai.
Fein India chief executive officer Ameer A Munsas said the company would invest Rs 40-50 crore over the next eight months to set up offices in major cities, including Delhi and Pune, and for creating infrastructure including warehousing and training facilities.
“Initially, the Indian subsidiary would focus on the domestic market and going forward would cater to Saarc countries,” he said, adding the company would start export from the first quarter next year.
The company is not planning to set up any manufacturing or assembling facilities in India for now. “We will take a call on this in the third quarter of next year.”
According to Munsas, the domestic power tool industry is estimated to be around Rs 2,500 crore, of which the organised market is around Rs 1,500 crore. The company had set a target to capture 5 per cent of the market share in the next one year.
It is planning to bring in 1,500 products in a phased manner to the Indian market. The company mainly caters to metal industry, automotive and construction, especially interiors.
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