Avtec grows 15 per cent in revenues

New Delhi, May 29 (UNI) Avtec Ltd, countries leading independent manufacturer of automotive engines, transmissions and powertrain components today announced a 15 per cent growth in its revenue for the fiscal 2007 at Rs 570 crore in its second year of operation.

Unit production reached an annual level of 1,22,000 engines and transmissions, an official statement said.

''During the year, new orders were received from two major North American companies for exports to the US in addition to an order from a major Indian OEMs like Ashok Leyland, Bharat Earth Movers Ltd (BEML) among others,'' Avtec CEO Sudhir Rao said.

Avtec has commissioned its third integrated manufacturing unit in Madras Export Processing Zone, Tambaram and the production and export of transmissions had commenced in August, 2006.

The company doubled its exports during the year to Rs 25 crore, said the statement.

Avtec is a part of the Rs 5,000 crore GP-CK Birla group with 30 per cent equity participation from Actis.

UNI