IMI Precision India aims over 2-fold growth in 5 years

IMI Precision Engineering is expecting an over two-fold jump in its turnover in the next five years on the back of enhanced product and technical offerings, said a top company official.

The company, as part of its business expansion plans, on Thursday inaugurated its new 67,000 square foot facility at Noida, Uttar Pradesh, in which it has invested around Rs 50 crore.

This is IMI Precision Engineering's second largest manufacturing site in the Asia Pacific region and has been built to meet the demand for its branded products.

"We can double ourslef in three to five years time," IMI Precision Engineering- India Managing Director Kuldeep Bhan told PTI.

 

He further added: "IMI precision engineering india revenue is currently at Rs 100 crore. We are projecting it to increase by 2.5 times in the next five years."

The company is expects a longer growth in the Indian market as it is sensing opportunities driven by growth in automotive production, laying of new high speed rail and other big infrastructure projects.

"Our India business is doing very well and we have outperformed the market growth. Its a pretty strong market with strong growth drivers existing here," Bhan said.

Presently, the commercial vehicles and rail sector are growth driver of IMI Precision Engineering India business, he added.

"There are very significant for our business and have equal splits," Bhan said.

The new unit would help the company to localise production of its most popular pneumatic motion and fluid control components.

IMI Precision Engineering Divisional Managing Director Massimo Grassi said: "This purpose-built facility in India places the company in an ideal situation to expand the business in the Industrial Automation, Commercial Vehicle,

Rail, Life Science, Energy, and Food & Beverage sectors."

Regional Managing Director for Asia Pacific Andrew Taylor said" IMI Precision Engineering is actively supporting the government's 'Make in India' initiative to promote manufacturing of products locally."

IMI Precision Engineering, a subsidiary of London Stock Exchange listed 1.75 billion British pound engineering group IMI plc, is a global player in pneumatic motion and fluid control technologies.