The Hindu Business Line : Igarashi Motors bags orders from global cos; eyes $100 m in 5 years

IGARASHI Motors India Ltd (formerly, CG Igarashi Ltd) has bagged orders from global automotive majors such as Arvin Meritor, Bosch, Delphi, Visteon, Mikuni and Magneti Marelli.

Business from three of these companies will be at least $100 million (Rs 450 crore), over the next five years, Mr P. Mukund, Managing Director, Igarashi Motors India, told Business Line today.

In 2003-04, the company's turnover was Rs 50.56 crore, lower than the previous year's Rs 75.77 crore. The company is export-oriented, and Rs 47.10 crore (Rs 75.65 crore) came from exports.

Alongside, the promoter company, Igarashi Electric of Japan, has decided to "expand" the scope of the design centre at Igarashi Motors, "so that we can undertake design of motors on behalf of international players and globalise the knowledge and technology within the group," says the company's annual report for 2003-04.

"We have decided to grow capacities and programmes for manufacturing in India," the directors have said in the report.

"I am shooting for more global development programmes being executed from the Indian technology platform (because) the experiences over the past years have been very encouraging and rewarding," Mr K. Igarashi, Director, has said in the report.

Igarashi Motors manufactures DC micro motors mainly for automotive applications. These are used in areas such as power window motors and wiper motors. "It is estimated that DC motors used per car will increase from an average of 20 units in each car today, to 40 units in about 4-5 years," the annual report observes.

The company has now turned its attention to the Indian market too. "We now see the domestic market as a reasonably big opportunity and from the last year, we have been gradually building up capability to service the Indian demand," the report says. Last year, the company's domestic sales grew to Rs 3.46 crore from Rs 1.1 crore previously.

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