Financial Daily from THE HINDU group of publications
Monday, Apr 11, 2005
Financial Daily from THE HINDU group of publications Monday, Apr 11, 2005 |
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Corporate
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Performance Igarashi Motors' annual turnover tops Rs 100 cr M. Ramesh
Chennai , April 10 IGARASHI Motors India Ltd's turnover for 2004-05 has crossed the Rs 100-crore mark compared to Rs 50.56 crore in the previous year, the company's Managing Director, Mr P. Mukund, told shareholders recently. Igarashi Motors manufactures micro-motors at its plant in Chennai. Based on the orders on hand, the company has projected a growth of "four to five times over the next four to five years." Mr Mukund told Business Line that the company is looking at a compounded annual growth rate of 60 per cent over the next four years. Igarashi Motors is export-oriented - about 95 per cent of last year's sales were outside India. The company supplies to automotive majors, including Visteon, Arvin Meritor, Bosch and Magneti Marelli. In view of the "robust" order book, the company is expanding its capacity and plans to invest up to $18 million (Rs 80 crore) over the next two-and-a-half years, Mr Mukund said. Mr Mukund said that some of the Western manufacturers of these products are interested in moving their production to Igarashi Motors. Initially, Igarashi Motors will produce for them on a `contract manufacture' basis, which could later turn into joint ventures. Part of the funding for the investment is coming from private equity. On Thursday, shareholders approved a resolution to issue 8.55 lakh equity shares on a preferential basis to Aeneas Evolution Portfolio Ltd, a global equity investment fund, for a price of Rs 180 a share.
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