Financial Daily from THE HINDU group of publications
Wednesday, Dec 11, 2002

Port Info

Group Sites

Industry & Economy - Engineering

Tooltech show bags orders worth Rs 3 cr

Our Bureau


THE five-day Tooltech International Exhibition concluded here on Monday with the meet generating business orders worth Rs 3.1 crore.

Twelve foreign countries participated in the event, held for the first time in the southern region. The exhibition provided a platform to the industry about India's potential as an important global outsourcing hub for cutting tools.

Apart from the confirmed orders of Rs 3.1 crore, the exposition also resulted in a business enquiry worth Rs 15.3 crore for 165 exhibitors, including 46 foreign companies. Over 71 per cent of the exhibitors felt the Tooltech would generate more business for the year ahead.

The President of the Indian Machine Tool Manufacturers' Association (IMTMA), Mr V.S. Goindi, said the outlook for the machine tool industry was very positive and the industry will easily maintain the current buoyancy for the next one or two years.

The automobile and automotive components or ancillaries are the biggest consumers of cutting tools and tooling rooms. Hence the cyclic nature of the automobile sector also affects the machine tool manufacturing sector.

The Indian industry has finally realised the need to focus on export potential. With the trend already evident in the shape of Toyota and Ford making India their global outsourcing hub for automotive components, thereby cutting down on costs. Toyota plans to expand its automotive component manufacturing capacity and is lining up further investment plans.

Ford, which did indigenisation effort for its Ikon model is now looking at making India, the regional component and vehicle-sourcing hub, the former President of IMTMA, Mr Srinivas Shirgurkar, said, adding that "I for one will vouch that this is a new reality and a very positive one at that for the Indian machine tools industry."

Send this article to Friends by E-Mail
Comment on this article to

Stories in this Section
Kerala: Law panel working on second report

Services sector posts steady growth: Survey
Tooltech show bags orders worth Rs 3 cr
IOC begins auto LPG sales in Chennai
Plan to scale up N-power capacity to 40,000 MW
AP Govt extends Rs 6,167-crore guarantee to power utilities
Energy conservation programme
Ground water legislation need of the hour: Pant
CIL sees loss of market share from low-tariff regime
NGOs seek protection to beedi industry
`Pick your channel' Bill gets Parliament approval
Wigan and Leigh to stop franchise operation
Food processing body planned
Permanent exhibition venue for Madurai mooted
Biotech industries meet
New film chamber president
GAIL to bid for HPCL stake
29 State-owned PSUs up for sale in Orissa
Shourie to seek A-G opinion on oil PSUs sell-off
Kerala drive to popularise development plan
Save lighting energy: Premji
Fight for right
Fair for women entrepreneurs
No TDS on REC bonds
New status to bring more Chinese tourists
Piramal in PM's revamped trade council

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line