CRI Pumps has opened its sixth foreign subsidiary company in China, becoming the first pump manufacturer from India to have its 100 per cent wholly-owned subsidiary there.
"We have opened our sixth foreign subsidiary company 'CRI Pumps Shanghai Co Ltd', in China, which is fully operational from January 2014," a company statement said today.
The subsidiary company is intended for manufacturing and marketing specific products, it said.
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CRI will manufacture a select range of high-end energy efficient pumps at its China facility. It will also market the company's flagship products, manufactured and developed in India, such as most energy efficient, five-star rated pumps in China.
CRI China will follow region-wise distributorship policy to cater to all its potential customers, the release added.
"We plan to invest about USD 6 million in China. CRI China would mainly focus on industrial, mining, process industries, pressure boosting systems, building services segments and projects in the first phase," CRI Pumps Vice Chairman G Soundararajan said on the company's expansion plans.
Recently, CRI had acquired the industrial pumps business of UK-based Pumps & Process Systems Ltd and the company is planning to leverage this acquisition in entering China.
"We forecast a turnover of around USD 3 million in the first full fiscal year and are expecting a year-on-year growth of around 40 to 50 per cent in the years to come for the next 4 years," Soundararajan added.
Around 13.5 million units of various types of pumps are sold per year in China for various applications and segments.
