To set up unit in Haridwar for home automation systems
The unit will become operational next yearRs. 30 crore investment envisaged
NEW DELHI: Electrical equipment and switchgear maker Indo Asian Fusegear on Wednesday announced that it has joined hands with Spain's Simon to set up a manufacturing plant for home automation systems for the domestic market and SAARC countries at Haridwar in Uttaranchal with an investment of Rs. 30 crore. The new facility will become operational early next year.
51:49 joint venture
With stake shared in the ratio of 51:49 between the domestic company and the Spanish partners, the new joint venture company Indo Asian Simon Pvt. Ltd. is expected to post revenues of Rs. 150 crore in 2007-08, Indo Asian Chairman and Managing Director, V. P. Mahendru, informed media persons while going public with the announcement.
He said Indo Asian had plans to invest about Rs. 70 crore in the next two years for expansion of its manufacturing facilities in Uttaranchal as it looked at doubling revenues to about Rs. 325 crore this fiscal from Rs. 156 crore in 2005-06.
Simon Managing Director, Xavier Torra, said this was an important strategic addition to the 300 million euro Spanish firm's joint ventures outside Europe and the company was open to such alliances in future.
Second venture in a year
The new entity would manufacture wiring accessories, home automation products and switching systems for household, commercial and industrial use, Mr. Mahendru said, adding that many of these products were now not available in India.
It is Indo Asian's second joint venture in a year, the earlier one being with Italy's Nordex for establishing a plant to make lighting products.
With these additions, the company would have a total of 11 manufacturing units. It already has manufacturing facilities in Noida, Parwanoo (Himachal Pradesh), Jalandhar and Sonepat.