Rane Madras inaugurates 4th plant at Ambakkam, Varanavasi Village

Rane Madras Ltd has announced about the following:

In connection with inauguration of the fourth Plant of the Company at Ambakkam, Varanavasi Village, Kanchipuram District, on October 24, 2006, a Press briefing was held at the Registered Office of the Company. While addressing the press personnel, Mr L Ganesh, Vice-Chairman, made the following key observations:

- In the past the Company had over-dependence on Commercial Vehicles and Farm Tractors segments. On revisiting the goals, focusing on exports became the key strategy.

- From zero exports in the year 2001-2002, the Company has increased its exports to Rs 46 crores in the year 2005-2006 and in the current year it should end up with about Rs 60 crores of exports.

- The idea of commissioning a new plant was felt late last year and it was decided to build a new plant essentially for exports at Varnavasi at an investment of Rs 24 crores. This would be funded through internal accruals.

- TRW the US auto component major, would be outsourcing their requirements through the Company.

- Products are being exported to US, Mexico, Japan, Thailand and some European countries. The Company also supplies to SAARC countries for after-market segment.

- To begin with the new plant at Varnavasi would have manpower strength of about 110 employees.

Source : Equity Bulls

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