Grundfos shelves Lankan venture

 The Indian subsidiary of the Danish company had plans to set up the unit for manufacturing pumps at one of the export processing zones in the island nation.

 This apart, due to the introduction of a new duty by the Sri Lankan government, that was non-existent at the time of the project planning, the production from Sri Lanka did not hold any cost advantage the company had expected.

 The Sri Lankan project was proposed as a export hub, mainly addressing ASEAN market. Instead, the company is now planning to make India as its export hub to address this market.

 N K Ranganath, the CEO of Grundfos India said,