Kirloskar Oil plans new units in Maharashtra

Oil engines manufacturer Kirloskar Oil Engines (KOEL) is planning to set up a greenfield engines plant at Kagal near Kolhapur in Maharashtra with a capital outlay of Rs 400 crore.

The company is also planning an export-oriented unit to manufacture engine valves at Ahmednagar in Maharashtra with a capital outlay of Rs 60 crore.

The company has bagged an order worth Rs 250 crore to supply marine engines to the Indian Navy.

KOEL chairman and managing director Atul Kirloskar told shareholders at the annual general meeting today that the company is looking at raising its export earnings to 50% of total revenue as against 10% now.