Coimbatore-based CRI Pumps, which is looking at increasing its annual turnover to Rs.2,000 crore in the next three years, has acquired Italian company Fabbrica Italiana Pompe Sommergibili Srl (FIPS).
G. Soundararajan, Vice-Chairman of CRI Pumps, told The Hindu here on Monday that FIPS manufactured waste and sewage water pumps and had a presence in the European, African and West Asian markets. “We need to expand the factory space and strengthen research and development facility at the Italian firm. We are assessing the investment that will be needed and will invest the required amount in the next two years,” he said.
Without disclosing the cost of acquisition, he said that the Italian company would complement CRI’s existing capacities. It would continue to operate as an independent company in the CRI group. CRI recently acquired Pumps and Process Systems in the U.K. for industrial pump range. CRI’s product portfolio now includes industrial, agricultural, domestic, and waste water pumps. The market for waste water pumps in India is estimated to be Rs.500 crore. “Our initial aim is to capture 10 per cent of this market,” he said.
CRI’s turnover in 2012-13 was Rs.1,025 crore. It is looking at a moderate growth this year (2013-14). With the slowdown in infrastructure, residential and industrial sectors in the country and extended monsoon in north and central States, the growth has not been to the expected level this year.
“We have done well in international business and we are looking at expanding our product range further,” he said.
