Precision Group takes over a JV

Mumbai, Dec 28 (UNI) Solapur-based Precision Group, India's largest manufacturer of camshafts, today announced acquisition of Clancey Precision Components Pvt Ltd (CPCPL), a joint venture (JV) it had set up earlier with the UK-based G Clancey Ltd.

Announcing this at a news conference at Pune, Precision Group Managing Director Yatin Shah said the company, which earlier held 49 per cent stake in the JV, acquired the remaining 51 per cent equity on November 15.

He said takeover of the JV has made Precision Group a global supplier across India, Europe, Latin America and Korea. Free of restrictions on direct marketing now, Mr Shah said the company is now looking at total annual revenue of more than Rs 125 crore for the year 2007-08.

With current 85 per cent share in domestic market, the company will manufacture 12 million Camshafts per year by 2010 with the target to earn 70 per cent of its total revenue from sales abroad, Mr Shah said, adding the company had recently won long-term contracts valued at Rs 25 crore from German Auto Majors - BMW&PORSCHE - for supplying 240,000 profiled hollow and 200,000 trilobe camshafts per year respectively.

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