Caparo opens new auto equipment plant in India

London-based steel major Caparo Group's today launched a fastener plant in Chopanki, Haryana to cater to India's fast-growing automobile sector.

Caparo has already invested Rs 40 crore for this facility and has lined up an additional investment of over Rs 100 crore for it.

The plant will be the Lord Swraj Paul promoted group's seventh in India and it plans to have five more in the country.

The plant has started operating with a capacity of 6,000 tonne which will be ramped up to 26,000 tonne in the next 12-18 months.

The Indian operations, which currently contribute 6-7% of the group's global revenues, are expected to "rise to 10% next year and to 20% by 2010," Angad Paul, CEO of the group, said.

The Indian operations of the company had posted a revenue of Rs 200 crore last year, which is likely to further rise to Rs 350 crore by the end of this year. This will rise to Rs 1,000 crore by 2009, the company said.