Mitsubishi opens new plant in Ranipet

Chennai, Aug 9 (UNI) Mitsubishi Heavy Industries India Precision Tools Limited (MHI-IPT), a subsidiary of Japan-based Mitsubishi Heavy Industries, today announced the opening of its new plant at Ranipet, about 120 km from here, doubling its production capacity in gear cutting tools.

Built with an investment of Rs 500 million, the new manufacturing facility, with 4,000 sqm of floor space, would have 83 new machines, including 30 state-of-the-art CNC machines from renowned manufacturers, company Managing Director Hidetaka Horioka told a press conference here.

With the new plant initiative, MHI-IPT proposed to double the production capacity to catch up with the rapid growth taking place in the automobile industry. Indian automobile sector was growing by 15 to 20 per cent, which was good, he said.

MHI-IPT, which presently held a market share of 35 per cent, proposed to garner 50 per cent market share with sales reaching Rs 80 crore in the next three years, Mr Horioka said.

''The company aims to become one of the three largest global players and register Rs 200 crore sales within the next ten years,'' he said, adding that 50 per cent of the production would be exported after a decade.

UNI