Smit group of Italy based in Modena with more than 5 decades of experience in the field of Hydraulic Transmission has signed a joint venture with the Balwa Group of Mumbai to manufacture Hydraulic Transmission products for the Indian Market.
Mr. Giuliano Pecorari the Chairman of the Smit Group S.r.l Italy was here in Mumbai recently to sign the Joint Venture with Umar Balwa of the Balwa Group, the joint Venture is a 51:49% equity participation between the Smit Group and the Balwa Group, which is a Rs. 500 crore group engaged in Real Estate, Infrastructure, Hospitality, Engineering etc. The Smit Group has an annual turnover of 200 million Euros.
Smit Group will provide technology and their experience of more than five decades of Hydraulic experience from Europe.
The Balwa Group has a tradition of engineering experience of more than three decades and has been very active in the field of Hydraulics in India through Microtact Hydraulics for over 35 years.
The new joint venture will be known as Smit Microtact Hydraulics India Pvt. Ltd.
Smit Microtact Hydraulics India Pvt. Ltd. has established state of the art manufacturing facility at Dahisar in Mumbai with an investment exceeding Rupees 150 Million.
The world wide market size of Hydraulic products is in excess of USD 10 Billion and the market in India is growing at the rate of 20% every year. The market size in India is Rs. 1500 Crores for all kinds of Hydraulic Products.
Commercial production has begun for the Smit range of Hydraulic Transmission products in India and the commercial sales will begin by the end of this year from the Indian Plant. The Balwa Group in India has already been servicing some reputed corporate clients like JCB, Telcon, Volvo, Greaves Cotton and L&T Komatsu amongst others. This joint venture will catapult the group to the third position in terms of market share and turnover.
