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MGM-Varvel Power Transmission expects to become an exporting hub to China, Thailand, Malaysia, Singapore and Australia.
Varvel SpA and MGM Motori Elettrici SpA have formed the new joint venture to cater to power transmission equipments for industrial application.
Both the Italian companies have jointly invested Rs 6 crore in this venture.
Addressing a press conference, Ms Fabiana Turin, Export Manager, Varvel, said nearly 63 per cent of the gear boxes manufactured in Italy are exported to the Asian markets and Australia.
Mr Francesco Berselli, President, Varvel SpA, said in order to beat competition the company will concentrate on delivering brake motors and gear boxes in 72 hours.
Currently gear boxes are being airlifted from Italy and takes five to six weeks to be delivered.
To start with, the joint venture in India will assemble the kits from Italy and may source parts from India in a year or two, said Mr Krishnamurthy Ravi, General Manager, MGM-Varvel Power Transmission.
The market for power transmission equipments is estimated at Rs 5,000 crore but MGM-Varvel will focus on brake motors and gear boxes.
These are used in wind turbine, cranes in sectors such as construction, material handling, pharmaceuticals, packaging, ceramics and chemicals.
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