Canadian industrial valve manufacturer with a global presence Velan Inc has established a manufacturing facility at an investment of nearly $10 million in Coimbatore.
The company has chosen to set foot in Tamil Nadu since the state has a large number of valve manufacturers, machine shops and casting suppliers and, hence, “it is a good place to find experienced people and suppliers”, according to Tom Velan, President and CEO of VI, Montreal, Canada.
Ramesh Babu, MD of Velan Valves India Pvt Ltd, the Indian subsidiary of VI which has established the unit here, in a release said that the company would aim at the “growing utility power market and the refinery segment”.
He said Velan Inc was already a supplier to NTPC’s supercritical power projects and the establishment of a production unit has enabled it to be in close proximity to customers, giving it an opportunity to ensure faster supply at competitive rates.
He said Velan’s client base extended from petrochemical industries to conventional and nuclear power plants and to fertiliser and aerospace sectors in India and it would focus on strengthening its market share in the country.
Tom Velan said the country’s energy sector has emerged as an important market for the company and many Indian companies were part of its global supply chain.
The Coimbatore factory, spread over 1 lakh square feet, will initially produce small forged valves and the product range would be expanded in the future catering specifically to energy and fertiliser industries.
Stewart Beck, Canadian High Commissioner to India, who was present at the factory inauguration here, highlighted the growth in Indo-Canadian business and was positive about the expected signing of the Nuclear Cooperation Agreement between the two countries, according to the release.
VI employs more than 2,000 people with production facilities in 10 countries and its turnover was $437 million in its last reported FY.