Avtec 05-06 revenue up 12 pc; sees 25 pc growth in 06-07
New Delhi, Apr 5 (UNI) AVTEC Ltd, transmissions and power train components manufacturer, today announced a 12 per cent increase in its revenues at Rs 500 crore for the financial year 2005-06.
Avtec Chairman C K Birla said, ''we expect AVTEC to build on the momentum in the months ahead and develop new customers.'' The company is strengthening its internal operations to position itself for growth both in India and export markets, with revenue expected to increase by more than 25 per cent in the fiscal 2006-07.
He said that the company would also build to its existing customers including Ashok Leyland, Bharat Earth Movers Ltd (BEML), Caterpillar, Eicher, Ford, General Motors, Hindustan Motors, Mahindra&Mahindra and Tata Motors, among others.
The company said that its third manufacturing unit in the Madras Export Processing Zone, Tambaram, is in the final stages of commissioning and the production is expected to commence in the first quarter of the new fiscal.
Avtec is also in the process of increasing capacity in Pithampur to execute two significant orders to Turkey and the UK later this year.
Recently, Avtec has entered into an agreement to supply engines and transmissions to International Cars and Motors ltd (ICML) for installation in the Rhino multi-utility vehicle.
The company has a 30 per cent equity participation from private equity firm Actis.
UNI RA SR BD1544