2 posts tagged “location: trichy / tiruchirappalli”
Note: Rs 1 Crore = Rs 10 millions
The Chennai based Rane group is planning to invest Rs.100 Crores in 2 plants near Tiruchi. The plants will be set up by Rane Brake Linings Ltd and Rane Engine Valves Ltd.
Rane Brake Linings Ltd has announced that the Company is contemplating investment of around Rs 60 crores for setting up a manufacturing facility near Trichy in Tamil Nadu for manufacturing brake lines.
Rane Engine Valves Ltd has announced that in connection with the inauguration of Rane Institute for Employee Development (RIED), Mr. L Ganesh, Chairman - Rane Group, addressed a Press conference. While addressing the queries of the press personnel, Mr. L Ganesh informed that the Company is contemplating investment of around Rs 40 crores for setting up a manufacturing facility near Trichy in Tamil Nadu for manufacturing engine valves.
Source: Equity Bulls
21 Jun, 2007
Note: Rs 1 Cr / Rs 1 Crore = Rs 10 millions
CHENNAI: Auto component major Rane group has chalked out a capex of Rs 250 crore for this year, even as it is aiming for 15% exports for the fiscal ending March 2008. Exports contributed close to 12% of the Rs 1,365 crore group turnover in 2006-2007.
The Chennai-based group is also strengthening its growth prospects up North. It has obtained a five-acre land allotment at Bawal, near Haryana, to set up a new steering column unit with its Japanese partner NSK.
Stating that the company has got the land clearance only last week, group chairman L Ganesh told reporters here on Tuesday that the finer details of the joint venture are being worked out. It will start with assembly operations and later be integrated. The unit is essentially to service Maruti better. The group is also setting up two facilities at Trichy.
The engine valve unit envisages an investment of Rs 40 crore, while the Rane brake unit will involve an outlay of Rs 60 crore. Dwelling on exports, he said, “The rupee appreciation is affecting us. It is a cause for concern. We are still grappling with it and talking to experts on Fed rates and hedging risks.”
Though the rupee appreciation has affected the bottomline directly, the group is building its hedging capabilities. It has given a guideline to each of its companies to achieve an export target of 15% to 20% within three years.
The group has also built the Rane Institute for Employee Development on a 43,000-square-foot plot. It will be formally inaugurated by Tata Motors managing director Ravi Kant, Mr Ganesh said.
