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Fenner (India), a Chennai-based manutacturer of V-belts, oil seals and power transmission products for industrial and automotive sectors, has planned a Rs 75-crore expansion programme for setting up two greenfield projects for two core product lines and modernising the existing facilities in the next two years
core product lines and modernising the existing facilities in the next two years. Also, the company also announced plans to diversify into the automotive components sector, and will be looking at launching rubber components and metal-based components. Raghupati Singhania, chairman of Fenner (India), said the company has earmarked about Rs 40 crore to set up two greenfield projects in Chennai and Hyderabad. It will also be pumping in another Rs 35 crore over the next three years to modernise its existing units at Madurai, Chennai and Hyderabad. The company will set up a state-of-the-art oil seal plant at Chennai with an investment of Rs 15 crore. The facility will come up at the SIPCOT industrial complex in Sriperumbudur, near Chennai. It will also be setting up a belt unit in Hyderabad to manufacture the raw edge cogged and multi-rib belts with an investment of Rs 25 crore. Both the projects are expected to be completed in 18 months. The expansion will see Fenner adding four million units of belts to its present capacity of 18 million per year, and 36 million units of oil seals to its present capacity of 72 million a year.
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| Posted : 4/26/2006 |
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