Financial Daily from THE HINDU group of publications
Tuesday, Dec 16, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 16, 2003 |
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Corporate
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Announcements Novar to source electric tools from Chennai plant Our Bureau
(From left) Mr R. Parasu Raman, Managing Director, MK Electric-India, Mr Adam Foster, Managing Director, Novar Plc, and Mr David Green, Regional Managing Director, at a press conference in Chennai on Monday . - - Shaju John
Chennai , Dec. 15 NOVAR Plc is using its Chennai plant as a testing centre and also to supply electric equipment to the global market. The Chennai plant, one of the UK-based Novar's 17 manufacturing locations, makes low voltage products such as switches and sockets. Mr ParasuRaman, Managing Director of MK Electric (Novar's Indian subsidiary), said the Chennai plant would deliver one-third of the parent company's need for electrical devices in about three years. Novar Plc's electric devices are grouped under a division named Intelligent Building Solutions (IBS). IBS registered a turnover of Rs 4,750 crore in 2002, the largest contributor to the overall turnover of Rs 10,800 crore. Mr Adam Foster, IBS's Managing Director, said that about 30 per cent of the division's turnover came from the kind of low voltage products made at Chennai. Around half the division's sales are in UK and Germany. Mr ParasuRaman said that the plant would soon equip itself to serve as a testing centre for Saudi Arabian specifications too. Chennai would not only serve as manufacturing unit for Novar Plc, Mr ParsuRaman said that plans included making it a research & development source also. MK Electric would be renamed Novar India in January 2004. The parent currently holds about 91 per cent of the equity in the company. Mr ParsuRaman forecast the company's sales would be about Rs 50 crore in the current calendar year. He added that the Indian operations would witness an investment of Rs 15-18 crore over the next couple of years.
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