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| Italian gear box maker to invest Rs 75 cr in Chennai |
| BS Reporter / Chennai May 27, 2009, 11:30 IST |
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Italy-based gear box manufacturer Bonfiglioli Transmissions is planning to invest around Rs 75 crore at its existing plant in Chennai. The proposed investment would help the company to increase its current market share of 16 per cent in industrial gear boxes to 25 per cent.
Sonia Bonfiglioli, vice president and chief executive officer, Bonfiglioli Riduttori SPA and M Ganesh, CEO, Bonfiglioli Transmissions Pvt Ltd, said that since the year 2000, the company had invested Rs 400 crore at Thirumudivakkam facility near Chennai. The company is planning to invest another Rs 75 crore by the end of 2010 in plant and machinery. The proposed investment will be funded through internal accruals.
The company currently manufactures yaw and pitch drives for wind mill applications in India. Apart from this, it caters to industries such as machine tools, pharmaceutical, sugar, cement and construction.
Last year the company’s turnover from Indian operations stood at Rs 310 crore and its share of exports was 30-35 per cent. The company expects its total turnover to remain at the same level in 2009, said Bonfiglioli.
She noted that the current market size in India for industrial gear boxes is estimated to be Rs 1,500 crore, of which Bonfiglioli’s market share is around 16 per cent. The market is expected to touch Rs 2,000 crore and company is planning to capture 25 per cent in the coming years.
Bonfiglioli is also bullish about the renewable energy sector. Currently the company caters to major players in the wind energy sector in India.
“Going forward we would like to focus on solar and photovoltaic,” said Ganesh.
“Renewal energy business is one of the key focus for the company,” said Bonfiglioli. She said the company’s global business turnover last year was Euro 200 million, of which renewable energy contributed Euro 150 million.
The company has a solution for onshore project up to three mega watt and for offshore project up to six mega watts and planning to introduce a solution for 10mw.
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