Global leaders in Power Transmission Equipments for Industrial Applications aim for Rs.35 crore turnover in 3 years
Two Italian majors in the Power Transmission Equipments industry, with a combined legacy of over 123 years and operations in more than 60 countries, have joined their hands to set foot in India. With a combined investment of 1 million Euros (Rs. 6 crore, approx.), MGM Mottori Elettrici SpA and Varvel SpA today announced the start of operations of their joint venture, MGM-Varvel Power Transmission Pvt. Ltd in Chennai. The factory is located at Indus Valley Logistics Park in Mel Ayanambakkam. The joint venture aims for Rs. 35 crore turnover in 3 years, with exports contributing 30% to it.
Entities are expecting to double their respective revenues by the year 2013 catering consistent growth in India in multiple sectors like Construction, Material Handling, Wind Energy, Food, Packaging, Textile, Chemical, Pharma and Ceramics. MGM-Varvel will be a key player in India supplying highly efficient Brake Motors and Gearboxes.
Mr. Edaordo Ghieri, President, MGM Motori Elettrici SpA said, “We chose India as the location for MGM-Varvel recognising the excellent technically trained resources here. India also has a quality infrastructure and allows us to develop a business with growth rates higher than those of western countries.”
Mr. Francesco Berselli, President, Varvel SpA said, “We firmly believe that the only way to develop new markets is by creating a network. We joined forces with MGM, to exploit our desire to give a new impulse to the production catering the demand existing in India. India represents a new opportunity for us. Prominent growth of this dynamic emerging country promises a lot. We are looking forward to grow exponentially here.”
Mr. Krishnamurthy Ravi, General Manager, MGM-Varvel Power Transmission Pvt. Ltd. said, “With high optimisation of resources, MGM-Varvel bring a level of competency, efficiency and scalability to cater the market in India and abroad.”
“The land occupied in October 2010, is strategically located to cater our customers in India and outside. With easy access to ports, the facility will be a strategic logistical pole in India for our global operations. We look forward to start our exporting from the year 2012.” Mr. Krishnamurthy Ravi added.
Our website is www.mgmvarvelindia.com.
About Us
MGM Mottori Elettrici SpA
Established in 1944 and started producing brake motors in 1950, we are a leading manufacturer in the field of fail-safe brake motors. Our head office and production is located in Serravalle Pistoiese (PT), close to Florence in Italy. We are present in more than 50 countries in the world. MGM brake motors are particularly suitable for hoisting and traverse machines, tooling machinery, automatic and transfer machinery in textile, ceramic and packing fields and in all situations where precision and quickness in braking is required. The perfect engineering and assembling, combined with a strong and safe brake, make these motors very reliable. Latest annual turnover of MGM is 18.7 million Euros. www.mgmrestop.com
Varvel SpA
Varvel, founded in 1955, was the first manufacturer producing variable speed drives in Italy after the World War II, focusing then into the manufacturing of mechanical power transmission drives. Headquartered at Crespellano, close to Bologna in Italy, Varvel today employs approximately 150 people with an annual turnover of 24.5 million Euros. Gearboxes of Varvel are well regarded in manufacturing, mechanical, ceramic, textile, food, chemical, pharmaceutical, woodworking, plastic, rubber and other main industries. www.varvel.com
