Anupam Ind, MHI form JV to set up 2 manufacturing units in Guj

Mumbai, Nov 10 (PTI) Overhead crane manufacturer Anupam Industries today said it has formed a joint venture with Japan's Mitsubishi Heavy Industries (MHI) to manufacture container and material handling equipments. The JV company, Anupam-MHI, will invest Rs 280 crore to set up two units at Tarapur and Mundra in Gujarat. "We will infuse equity capital of Rs 188 crore with Anupam's share being 51 percent and Mitsubishi's 49 percent. The rest will be funded through debt," Anupam-MHI Chief Executive Officer Mehul Patel told reporters here. The JV company is targeting a revenue of Rs 800 crore in the next two-three years. "We expect to generate revenues of Rs 800 crore in the next two-three years," Patel added. Anupam-MHI has already bagged two orders worth Rs 435 crore -- including one from Jawaharlal Nehru Port Trust worth Rs 100 crore for three cranes and another from Krishnapatam Port worth Rs 335 crore for 10 ship unloaders. The company will commence its operations from the first half of 2012 and will have an annual production of 60 units, Patel said, adding that the projects were likely to be completed within 24 months. "The plant at Mundra will be first of its kind in India. We have a 1,20,000 square metres of land at Mundra Port and Special Economic Zone (MPSEZ) with a captive jetty for roll-on and roll-off of completely erected and commissioned equipment to dispatch to our customer," he said. Mitsubishi Heavy Industries had last year entered into an agreement to license its crane and material handling equipment technology for large-scale ports, including container cranes, to Anupam Industries. "Asia is the most important market for us. Port crane and equipment market is expected to grow significantly in India, Middle East, Asian Countries and Latin America. We expect a reasonable market share and position globally," Anupam-MHI Chairman Kanji Obata said. He added that the market size in India for port cranes is USD 300 million, while the South East Asia and Middle East markets together account for around USD 1,200 million. PTI DS PSK VKV