Financial Daily from THE HINDU group of publications
Friday, Apr 07, 2006
Financial Daily from THE HINDU group of publications Friday, Apr 07, 2006 |
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Corporate
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Outlook Wuerth Group plans to expand in India Dharini Nagarajan
New Delhi , April 6 Germany-based Wuerth Group, which manufactures assembly parts and material for electrical and auto industries, has charted out its expansion plans for India. The group aims to generate Rs 25 crore worth sales from its India operations by the year-end. It also plans to increase the headcount from 215 to over 5,000 within 10 years. The group's core business is the sale of screws, screw accessories, dowels and plugs, tools, electrical circuits and chemical products. Its Indian subsidiary, Wuerth India Pvt Ltd has offices in Delhi, Mumbai, Chennai and Kolkata. It plans an office-cum-factory in Bangalore for the manufacture of hi-tech printed circuits. Prof Reinhold Wuerth, the group president, said, "Our company is focused on providing services and products to small and medium sized enterprises such as auto repair garages, metal working houses and warehouses among others. We have a door-to-door marketing strategy globally and would be replicating the model in India as well." The group has already invested around 5 million euros in the country and is "open to acquisitions" to expand its presence here. Though Prof Wuerth declined to comment on the investment figures, he said: "We are looking for niche segments to drive growth and have around 350 million euros which can be easily mobilised when the need arises." The company with 6.8 billion euros turnover is targeting sales of 17 billion euros by 2015.
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