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Mitsubishi to source power tools from India
Friday, 10 August 2007, 19:30 IST
Chennai: Japan's global major Mitsubishi plans to use its wholly owned Indian subsidiary as a sourcing base for its international power tools market, a top company official said here Thursday.
Mitsubishi Heavy Industries India Precision Tools Limited has a new plant at Ranipet.
The Japanese group entered India in 2005 by acquiring the Chennai-based SRP Tools Limited, with which it had a technology tie-up.
The Indian subsidiary had a turnover of 
360 million last year and the target for the current year is 600 million. The company hopes to earn four percent of its targeted turnover from exports, its managing director Hidetaka Horioka told reporters.
Post-acquisition Mitsubishi Heavy Industries India Precision Tools increased its capacity with an outlay of 500 million, he added.
Catering mainly to the power tool needs of the tractor manufacturers, the company is now also targeting the carmakers. By 2008, sales of products like hobs, shaper cutters, broaches and master gears will lead to a quadrupling of the company's turnover since acquisition, said Horioka.
Source: IANS
360 million last year and the target for the current year is 600 million. The company hopes to earn four percent of its targeted turnover from exports, its managing director Hidetaka Horioka told reporters.
Post-acquisition Mitsubishi Heavy Industries India Precision Tools increased its capacity with an outlay of 500 million, he added.
Catering mainly to the power tool needs of the tractor manufacturers, the company is now also targeting the carmakers. By 2008, sales of products like hobs, shaper cutters, broaches and master gears will lead to a quadrupling of the company's turnover since acquisition, said Horioka.
Source: IANS