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The pump industry foresees huge growth prospects this year. “Forecasts of 2014 being an El Nino year is expected to trigger the demand for pumps,” said Vice-Chairman of CRI Pumps G Soundararajan.
Speaking to Business Line after inaugurating the company's new manufacturing facility at Perundurai SEZ (Special Economic Zone), he said, “demand for pumps is expected to be higher this year as the rainfall is predicted to be below average in the Asian region, including India. We are, therefore, expecting a 25 per cent growth this year against the pump industry's average annual growth of 7 per cent'.
The unit set up at Perundurai SEZ in Tamil Nadu would cater to the company's export business, he said.
The company has in the initial phase invested ₹30 crore in the Perundurai manufacturing project. The annual production capacity of this unit is one lakh pumpsets. “We are targeting a turnover of ₹200 crore in the first year of operation,” he said.
Answering a query, he said, “Our exports are growing at 25-30 per cent. We are at present importing around 30 per cent of the raw material. This facility would help us get exemption from duties and taxes, thereby making our pumps more competitive in the export markets”.
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