Financial Daily from THE HINDU group of publications
Monday, Dec 12, 2005
Financial Daily from THE HINDU group of publications Monday, Dec 12, 2005 |
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Corporate
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Alliances & Joint Ventures Worbus brokers deal between US co, Shree Ganesh Our Bureau
Pune , Dec. 11 WORBUS Management Consultants Ltd, the Indian division of Global Mergers and Acquisitions Company, has recently facilitated a joint venture between American precision metal parts conglomerate, Humanetics and the Pune-based `machined parts' company, Shree Ganesh. The joint venture will invest up to $5 million to set up two plants, one at Wuxi (in China) and the other at Pune in the first two years, a company statement here said. The joint venture is aimed at exploring the emerging $100 million opportunity in machining, the statement said adding that the strategy is to capture the global machining sourcing requirements through both China and India with respective plants in these areas. After the initial investments are in place the joint venture plans to invest a further $10 million to meet the emerging business needs. Mr George Molakal, International Director from Worbus USA, who was present in India for facilitating the deal said, "The joint venture entails a global leap for an Indian company from the SME Sector. India has a tremendous outsourcing opportunity. Indian companies have good potential for joint ventures with European and American companies to help them grow into major conglomerates in the dynamic economy of India." "In the near future we will see more of such deals from the Indian SME sectors unlocking their potential," he added. The joint venture, meanwhile, will cater to industries ranging from the automobile, telecom, airport automation, defence, electrical and earth moving equipments for their precision components requirements across the globe. Worbus Management Consultants Ltd, based in Pune, is a business growth management consultancy that specialises in joint ventures and strategic alliances. The presence in UK, US, Canada, India, China, and West Asia is an added advantage to Worbus in serving the SME sector. It allows Worbus to successfully initiate and facilitate several outsourcing orders, strategic alliances and joint ventures for their Indian clients with a turnover ranging between Rs 5 crore and Rs 500 crore.
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