Chennai-based Pioneer Alloy Castings Ltd is planning to invest around Rs 400 crore to augment capacity and set up machining facilities at its foundries.
The 33-year-old company has two foundries at Gummidipundi in Tamil Nadu and Renigunta in Andhra Pradesh with a cumulative annual casting capacity of 40,000 tonnes.
With this, it expects its turnover to touch chief Rs 600 crore by 2011 from the present Rs 120 crore, said chief executive officer K S Gita.
“With a number of European and US casting companies shutting down due to environmental and cost issues and with more and more companies in Japan, US and Europe having to source machined castings from India and China, we are well positioned to take full advantage of the growing demand for quality machined castings for both the domestic and international markets,” Gita said.
Pioneer, which has 30 acres of land at Renigunta, 15 acres in Tada and 6 acres in Gummidipundi, supplies to OEMs like Mahindra & Mahindra, Tafe and Eicher Tractors.
The company has orders worth 7,000 tonnes valued at Rs 400 crore.
