Business

Roots Group to invest ₹138 crore in expansion

Eyes supplies in healthcare, aerospace

Roots Group of Companies here will invest ₹138 crore in the next three years in expanding some of its production capacities and a new project.

Recently, the group signed agreements with the Tamil Nadu Government for the projects.

K. Ramasamy, the chairman of the group, and director S. Chandrasekar said that the High Precision Engineering division of Roots Industries will invest ₹23 crore to expand its present capacity to make components and sub-assemblies for the healthcare and aerospace industries.

Currently, the company makes high precision components mainly for the automobile sector.

Roots Multiclean, another company of the group, will invest ₹44.91 crore to expand its manufacturing capacity. The company, apart from meeting domestic requirements, exports to advanced countries such as Japan, Australia, Europe, and the U.S.

Acquisition

It recently acquired a company in the U.S. to add to its existing product range to cater to the U.S. and global market. Hence, it is necessary to expand the facilities in India to cater to the growing global market, they said. The third investment will be by Roots Auto Products to establish a greenfield project — Roots Holistic Health and Healing Village — to provide healthcare via Naturopathy, Ayurveda and Siddha, and for teaching and training in lifestyle changes, at an investment of ₹70 crore.

All the three companies applied for statutory approvals from the departments concerned under the single window portal of the State government.

The facilities, as part of expansion projects and the new venture, will come up in Coimbatore district. When commissioned, these projects would generate employment for an additional 670 persons, they added.

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Printable version | May 25, 2020 5:28:07 PM | https://www.thehindu.com/business/roots-group-to-invest-138-crore-in-expansion/article26163258.ece

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