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Bangalore, July 7 The Tamil Nadu-based Manam Group plans to double its capital expenditure to Rs 15 crore during next fiscal to leverage the growing inroads into the market for its marine engines and new products for the agricultural sector.

The investment would be for expanding its existing product portfolio.

The company has also drawn up plans to enter the automotive diesel engines and liquefied petroleum gas (LPG) driven engines segment soon (for three wheelers).

Manam Group, through its three subsidiaries, Southern Agro Engine Pvt Ltd, Southern Pressure Castings and Southern Accessories, produces pressure castings and moulds, CNC machining facility and agro engines.

It aims to double its turnover to Rs 100 crore during 2008-09. The company expects Rs 50-crore turnover in fiscal 2007-08.

Announcing the launch of power tiller to its product portfolio and a new diesel engine, Mr D. Jayavijayan, Managing Director, said that with a Central subsidy of 30 per cent to farmers on power tillers, the company hopes to expand its market share significantly in agro equipment segment from the current 25 per cent.

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