Bonfiglioli Transmissions to invest Rs 75 cr in Chennai plant

Italy-based gear box manufacturer Bonfiglioli Transmissions is planning to invest around Rs 75 crore in its Chennai plant by 2010.

Since 2000, the company had invested Rs 400 crore in the Thirumudivakkam facility, near Chennai. The fresh investment, to be met through internal accruals, would be for plant and machinery, said Sonia Bonfiglioli, vice president and chief executive officer, Bonfiglioli Riduttori SPA.

Last year, India contributed Rs 310 crore to the company’s turnover.

The company manufactures equipment for windmill application in India. Apart from this, it caters to industries such as machine tools, pharmaceutical, sugar, cement and construction.

She said the current domestic industrial gear box market was estimated to be around Rs 1,500 crore of which Bonfiglioli’s share stood at around 16 per cent. The company is targeting a market share of 25 per cent in the near future. For this, it is looking at catering to industries such as textiles, conveyors used industries like automobile and road construction.

Bonfiglioli is also bullish on the renewable energy sector. “Going forward we would like to focus on solar and photovoltaic,” said M Ganesh, CEO, Bonfiglioli Transmissions Pvt Ltd. Last year, company's global business turnover stood at euro 200 million, of which renewable energy contributed euro 150 million.