IMI Precision to invest Rs 20 cr for 2nd unit in Noida

IMI Precision Engineering today said it will invest Rs 20 crore to expand its operations in India by setting up a second facility in Noida.

The company, which is a subsidiary of the UK-based IMI plc, produces several products of steel and other metals used by industries such as auto and infrastructure.

IMI Precision already has a facility in Noida and the second one will be set up with an investment of Rs 20 crore on an area of 70,000 square feet, it said in a statement.

"This is a landmark event for IMI Precision Engineering in India. It is part of our strategy to grow our business in areas that offer significant opportunities. With a global commitment to lean manufacturing, this greenfield facility will be configured to offer best-in-class operational performance," MD Kuldeep Bhan said.

The new facility in Noida will be the company's second major facility in the Asia Pacific region and will accelerate the plan to localise production, said Andrew Taylor, Regional Managing Director for Asia Pacific.

"This follows a similar project in Shanghai, where we successfully localised production from facilities in Europe and the Americas," he said.

IMI Precision Engineering has a sales and service network in 75 countries, technical centres in the US, the UK, Germany and China, and manufacturing facilities around the world.