Finland-based industrial equipment and services firm Metso Tuesday said it eyes inorganic growth opportunities in India and invested Rs 560 crore in the country last year to strengthen operations.
The company is strengthening operations in India, Metso said in a statement.
"Apart from investing EUR 70 million (Rs 560 crore) in the domestic market in 2018 by acquiring the valve automation division of Mumbai-based Rotex Manufacturers and Engineers Pvt Ltd and increasing the capacity of its Metso Park production facility in Alwar, the company is developing a 20,000-tonne capacity foundry in Vadodara," it added.
The firm, which is in India for the past 25 years, provides equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and other process industries.
It said Metso Park is among Metso's key global production sites.
This latest investment increases Metso's crushing and screening plant production capacity in India by 35 per cent, it said.
More From This Section
With this expansion, the company will address the growing demand for crushing and screening solutions in the Indian market as well as improving the availability of products for exports to more than 60 countries, it said.
The company added that acquisition of the valve automation division of Mumbai-based Rotex Manufacturers and Engineers enables Metso to address a wider scope of customer needs in flow control.
"India customers are now demanding more and better solutions and there has been a noticeable shift from being a price-sensitive market to a value-sensitive market. With a CAGR exceeding 30 per cent, we are bullish when it comes to India. Moreover, exports account for 20 per cent of Metso India sales, growth of almost 50 per cent in the last four years," said Pekka Vauramo, president and chief executive office, Metso.
He said in 2018, "Metso India received orders worth EUR 293 million (Rs 2,385 crore), a significant growth over 2017 when the order book of the company was EUR 166 million (Rs 1,333 crore). We hope to continue Metso's growth story in the Indian market."
Metso launched operations in India in 1992.
Disclaimer: No Business Standard Journalist was involved in creation of this content
