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Tuesday, Nov 16, 2004

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CUMI eyes China, Dubai for growth

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Mr M.M. Murugappan (left), Chairman, Carborundum Universal Ltd, with Mr Ramesh Agarwal, Managing Director, at a press conference in the Capital on Monday. — Kamal Narang

New Delhi , Nov. 15

CARBORUNDUM Universal Ltd (CUMI), the flagship company of the Murugappa group, has identified China and the West Asia as two major areas from where the company's future growth is likely to come.

"We are looking at China and Dubai. We will be setting up representative offices there very soon and in case of China we would be exploring manufacturing options also," the Chairman of the company, Mr M.M. Murugappan, told reporters here today while announcing the company's golden jubilee anniversary celebrations.

He said though no decision on the manufacturing facilities proposed in China has yet been finalised, the company is open to both options of setting up greenfield plant or acquire some existing plant depending on what sort of opportunities comes up.

He said CUMI is looking at China with the dual purpose of sourcing raw materials as well as supplying to the various multinational companies that have established their footprints in the country. It is primarily to cater to the MNC clients that the company is eying China but eventually may cater to export market also, Mr Murugappan said.

However, in case of West Asia, the company plans to set up a representative office for servicing the clients in that geographical area and manufacturing would be considered only at a later stage.

According to the company Managing Director, Mr Ramesh Agarwal, "some of CUMI's immediate focus areas would be leveraging global opportunities that emerge from China and Europe and an investment to the tune of Rs 25-30 crore per year in future technologies.

"Further, the company plans to double its exports to Rs 60 crore over the next three years and grow more than two folds by 2006-07."

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