Shiva group to invest Rs 10 cr in local subsidiary
By siliconindia staff writer   |   Thursday, 07 August 2003, 19:30 IST
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BANGALORE: The US-based Shiva group, a Rs 60-crore materials research, development, application and testing company, is planning an additional investment of Rs 10 crore in its subsidiary, Indo US Metal Injection Moulding (MIM) Tec, in India. Ajeet Khare, managing director of the company, told a leading business daily that the group has so far invested Rs 45 crore, and the additional investment is towards tapping the Indian market. The company, the daily reported, is currently servicing the needs of automobile companies in Pune, watch industry in Bangalore and Hosur and ordinance factories. It has also initiated exports to leading companies in the US, France, Italy, Israel, South Africa, Singapore and Malaysia. A significant part of the investment will be towards establishment of a world-class manufacturing and R&D facility for Shiva Analyticals, Khare said. The market for the MIM technology is growing rapidly, pegged at 25% internationally and 50% in India. While the Indian market is valued at around Rs 10 crore, the international business is estimated at $700m. According to Khare, MIM is practically redefining the way complex parts are manufactured across the world. This technology provides direct cost advantage because of the direct machining model. “Though the technology is exciting and has been around for over 15 years now, globally, there are few firms which have been able to build sizeable businesses around them,” said Khare. In India, Indo US MIM Tec is the only large player in the arena. Requiring no machining, MIM moulds components of highly complex geometries and small sizes with precision and speed to meet large volume requirements, in a cost effective manner, without compromising on quality, Khare said. The company’s main production facility is located at Hoskote, spread over five acres of land with 30,000 square feet of covered area. The company is one of the few in India to have the TS 16949-’02 certification and is also an ISO 9001-’00 certified company. The firm had posted revenues of Rs 12 crore for the ’02 and has targeted Rs 25 crore in ’03. (Courtes: ET)

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