Financial Daily from THE HINDU group of publications
Friday, Oct 22, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 22, 2004 |
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Corporate
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Alliances & Joint Ventures Maini group forms jt venture with German co Our Bureau
Bangalore , Oct. 21 THE Maini group and Diabu Germany have formed a joint venture, Diabu Diamond Tools (India) Pvt Ltd. Maini's facility in Bangalore will cater to the domestic stone processing industry, ceramic industry, concrete and asphalt applications, in addition to export markets. Diabu India is expected to cross an annual turnover of Rs 20 crore in 3 years, and over Rs 40 crore in 5 years. In a three-phased programme, the joint venture will progressively manufacture the complete range of diamond tools for sawing, grinding, milling and drilling applications with an initial concentration on sawing. The second will focus on ceramic, concrete and asphalt applications. The company will also manufacture tools currently not available in India, including the diamond wire, used to cut through rocks. Diabu Germany is the world leader in the manufacturing of diamond tools. The Maini group has been in the marble and granite industry since the 1980s and has been one of the major resellers of diamond tools in India. Mr Vippen Sareen, Director, Maini Group, said through the joint venture "we will be able to offer the growing non-EOU (export-oriented unit) segment in the country with the latest technology at competitive prices.
More Stories on : Alliances & Joint Ventures | Engineering | Karnataka
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