SEW-Eurodrive India, a subsidiary of Germany-based SEW-Eurodrive GmbH & Co, is setting up an assembly plant for gearboxes and gear motors near Chennai with an investment of around Rs 55 crore. The facility will come up on 80,000 sft in Sriperumbudur.
Speaking to reporters here on Tuesday, MJ Abraham, chief executive officer, SEW-Eurodirve India, said the plant would also have service facilities like installation and consulting.
The company has hired 30 engineers for this plant and is planning to increase it to 90.
It has set a target to close the current fiscal with a turnover of around Rs 150 crore, as compared with Rs 107 crore last year.
He said the company was growing at a CAGR of 55 per cent till last year but given the current economic crisis this was expected to come down to 11 per cent.