Kolkata-based Macmet India Limited (MIL), a leading supplier of bulk material handling solutions which signed a technical tie-up with $ 100 million Euro-Spanish firm TAIM-TFG this year, will be finalising the structure and details of the joint venture company it intended to launch within the next couple of months.
Speaking on the sidelines of a press conference organised by Confederation of Industry (CII), P K Madappa, managing director, MIL, said, “The tie-up with TAIM-TFG is going on well. The government has also been allotted four acres at Falta for the proposed manufacturing facility.”
After striking a technical tie-up with TAIM-TFG in February this year, MIL announced to form a 50:50 joint venture company with it within the next 12 months to address the growing demands of bulk material handling system (BMHS) in steel, cement and mining industries the details of which would be announced shortly, he said.
MIL is looking at scaling up the capacity and expansion of the Vizag and Kolkata manufacturing facilities, said Madappa, declining to divulge the investment. The company recorded a turnover of Rs 120 crore last year and bouyed by the expansion strategy and the healthy order book it expects to achieve a 40-50 percent growth by 2009-10.