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IMI Precision Engineering is expecting an over two-fold jump in its turnover in the next five years on the back of the enhanced product and technology offerings.
IMI precision engineering India revenue is currently at ₹100 crore and the company is projecting it to be at ₹250 crores by 2023, a press statement from the company said.
The company is expecting a longer growth in the Indian market as it is sensing opportunities driven by growth in automotive production, laying of new high-speed rail and other big infrastructure projects.
The company, as part of its business expansion plans, has opened a new 67,000 square foot facility at Noida with an investment of around ₹50 crore.
“Our expansion plan is aligned with the government’s ‘Make in India’ strategy and is now moving to the execution phase. Over the next few years, we will be further increasing our product and technical offering,” Kuldeep Bhan, Managing Director of IMI Precision Engineering–India, said.
This is IMI’s second largest manufacturing site in the Asia-Pacific region and has been built to meet the demand for its branded products.
Massimo Grassi, Divisional Managing Director, said, “This purpose-built facility in India places the company in an ideal situation to expand the business in the Industrial Automation, Commercial Vehicle, Rail, Life Science, Energy, and Food & Beverage sectors.”
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