Bangalore, Jan 4: Fuelled by imports, the Indian Machine Tool Industry, lacking capacity, is all set to take up contract manufacturing with the forthcoming 13th IMTEX, the largest machine tool exposition in the country, providing it the required platform.
The showcase event of the Machine tool industry, IMTEX had now got a permanent location at the Bangalore International Exhibition Centre of the Indian Machine Tool Manufacturers Association which was expected to act as a catalyst for the sector to map the future course of growth, IMTMA President C P Rangachar told newsmen here today.
Hardly a third of the country's total requirement of Rs 6,000 crore worth of machine tools was currently manufactured in the country. To move forward the sector needed an investment of Rs 2000 crore in the next couple of years for building and enhancing capacities of new machine tool plants.
The Industry was expected to grow at 35 per cent this fiscal and 25 per cent over the next couple of years, he added.
Mr Shailesh Sheth, Media Chairman of IMTMA said that the IMTEX would see atleast five new greenfield projects with a total investment of about Rs 250 crore taking shape. Besides a number of foreign companies were keen to sign up contract manufacturing in the country in view of the lower labour costs here.
Over 1160 companies from 25 countries, including India, would be at the exposition that would cover 50,000 sq m of area. Perhaps it was the biggest ever event in the country. About 1800 tones of materials would be on exhibition, he added.
UNI
The showcase event of the Machine tool industry, IMTEX had now got a permanent location at the Bangalore International Exhibition Centre of the Indian Machine Tool Manufacturers Association which was expected to act as a catalyst for the sector to map the future course of growth, IMTMA President C P Rangachar told newsmen here today.
Hardly a third of the country's total requirement of Rs 6,000 crore worth of machine tools was currently manufactured in the country. To move forward the sector needed an investment of Rs 2000 crore in the next couple of years for building and enhancing capacities of new machine tool plants.
The Industry was expected to grow at 35 per cent this fiscal and 25 per cent over the next couple of years, he added.
Mr Shailesh Sheth, Media Chairman of IMTMA said that the IMTEX would see atleast five new greenfield projects with a total investment of about Rs 250 crore taking shape. Besides a number of foreign companies were keen to sign up contract manufacturing in the country in view of the lower labour costs here.
Over 1160 companies from 25 countries, including India, would be at the exposition that would cover 50,000 sq m of area. Perhaps it was the biggest ever event in the country. About 1800 tones of materials would be on exhibition, he added.
UNI
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