Pumps and valves manufacturer CRI Pumps is scouting for an overseas partner through a joint venture for manufacturing control valves, a top company official has said.
"We are going for a joint venture..(with an overseas partner)...We are looking for a technical tie up to manufacture control valves," CRI PUMPS Joint Managing Director Selvaraj said.
This venture is a part of the $1 billion valve market, which is witnessing 7-10 per cent growth, he told reporters.
The tie-up with an overseas partner would help the company to manufacture control valves to cater to the power sector, he said .
The Coimbatore-based firm, which "in 2008-09 reported Rs 500 crore as revenues and in 2009-10 registered Rs 700 crore" launched three valves --gate valve, globe valve and check valve to cater petroleum and refineries sector, oil and gas industries here last night.
The company has invested close to Rs 40 crore in the last two years for valves and pumps manufacturing.
Selvaraj said the newly launched valves would be available in the domestic market immediately.
"With the launch of these valves, the company has aimed to cross Rs 1,000-crore mark in this financial year...Has been witnessing 30 per cent growth over the last few years," he added.
On the exports segment, he said their overseas operations were contributing over 15 per cent on the group's total revenues.
"Last few years we were setting up base in some countries and in different fields we have established our pumps," he said, adding that the company would launch these valves globally in 2011.
"Currently we have a subsidiary in Spain, Sharjah and in South Africa and we directly export to 70 countries..."
The company also said it had plans to render services to the mining industry. "We have also planned to introduce big range of pumps in the near future, particularly, to cater to the mining industry," CRI Pumps General Manager (Marketing) Bhoopathy said.