Rucha Engineers joins hands with Craftsman Custom

Aurangabad-based auto component and assemblies company, Rucha Engineers and US-based precision sheet metal and integrated assemblies player Craftsman Custom Metals (CCM) have formed a joint venture to explore opportunities in sheet metal for high-end electronics, hardware and telecom sector in the Asian markets.

With a projected investment of over $10 mn over the next five years, the joint venture will cater to industries ranging from computing and networking Hardware, Bio-Medical equipment, Telecom, Instrumentation to Electrical equipments for their sheet metal components and assemblies requirements across the globe. The JV is expected to provide over 200 jobs over the first five years.

According to a press release, the JV will cater to the existing customers of CCM across the world and also aspire to capture the emerging markets in the electronics and telecom sector. The joint venture will set up an ultra-modern plant in India to meet the emerging business needs. The present valuation of the opportunities is around $250 million, the release said.

Chicago-based CCM is a major provider of integrated solutions of precision sheet metal components with a strong clientele across high-end hardware and electronics industries, offering services ranging from design and prototyping to complete assemblies.

The release, quoting Julio Gesklin, president, said, "India is very strongly poised for a rapid growth across the telecom and electronics sectors. We want to offer our expertise and three decades of experience to clients here through our association with the Rucha group".

Rucha has grown over the last decade as a significant player in auto components and assemblies to major original equipment manufacturers (OEMs) in the country.

"We are keen to participate in the explosive growth in precision manufacturing and extend our expertise beyond automotive applications," said Rucha Chairman Umesh Dashrathi.

George Molakal, International Director of growth management consultancy Worbus International, who brokered the JV deal, said, "The Indian SME sector will see a major transformation as many companies across US and Europe are actively discussing entry strategies with Worbus to enter Asian market and are looking for JVs or strategic alliances".