Igus, a German motion plastics (moving parts made of plastic that are designed to improve movement and reduce costs) company, has invested ₹100 crore to set up a 92,000 sq ft manufacturing plant in Mandur near Budigere in Bengaluru.
The company on Wednesday said the investment was part of its move to fortify its footprint in the Indian market, as it prepared to focus on semiconductor and renewable energy, areas poised for substantial growth. The expansion was part of Igus’s long-term strategy to enhance its operational capabilities and support its extensive customer base in the country, said the company.
Deepak Paul, Managing Director of Igus India, said, “The Indian market presents tremendous potential for Igus. Our objective is to deliver cutting-edge products and solutions not only to our customers in India but also on a global scale. Igus’s global focus on cost-sensitive and sustainable solutions, encapsulated in our motto ‘Tech up, cost down,’ is perfectly aligned with the Indian approach to technology and innovation.’‘
Over the past two years, Igus India has doubled its market growth, with revenue figures climbing from ₹199 crores to ₹313 crores. The company expects this upward trajectory to continue, projecting a revenue of ₹340 crores for 2024, he added.
‘‘With a catalogue of 125,000 parts and 247 new products introduced this year, we are constantly inspired by our customers’ needs to push the boundaries of what is possible,’‘ said Santhosh Jacob, Country Manager and Director of Igus India, added. Motion plastics are used across industry sectors in the areas of energy supply systems, cables, bearing technology, linear technology, bar stock, 3D printing, etc.
Published - August 21, 2024 09:49 pm IST
