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Igus India To Invest 100 Cr In Setting Up New Facility
Igus India, a wholly owned subsidiary of the German motion plastics company Igus GmbH, announced the plans to invest Rs 100 crore to enlarge the availability of items and establish value adding processes at its new plant
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Igus, a producer of motion plastics, announced on Monday about the setup of a new facility at Bengaluru in India and further strengthen and grow its operations in the country for over two decades, since it established as a subsidiary in 2000.
Igus India, a wholly owned subsidiary of the German motion plastics company Igus GmbH, announced the plans to invest Rs 100 crore to enlarge the availability of items and establish value adding processes at its new plant.
Igus India has taken up a new four-acre facility near Budigere in Bengaluru. Igus’ new facility will be spread over 84,000 sq feet with world-class equipment and infrastructure in motion plastic production. Igus has already invested around Rs 15 crore in the first phase of construction of the facility, which is expected to be operational in the coming months.
Igus India currently is the 6th largest among 38 subsidiaries and the company’s growth plans in the country has gained further momentum after doubling its growth in the market in the last two years. Igus India revenues have grown from Rs 118 crore in 2020-21 (during the pandemic) to Rs 199 crore in 2021-22 and to Rs 284 crore in 2022-23. Igus India forecasts to sustain and further accelerate growth with the additional investments to strengthen its operations.
Igus India’s growth plans is coupled with a continued quest for innovation within the space that Igus is globally recognized for. The company launched 190 new products in 2023 for the India market and several digital services and solutions under its global program, “Enjoyneering”, advocating fun with innovation in
Engineering. “Enjoyneering” aims to make the job of engineer’s fun, helping them unleash their engineering power with innovation for better productivity and success at work.
Elaborating on the growth plans for India, Deepak Paul, Managing Director, igus (India) said, “Our continued investments in our manufacturing capabilities in India reiterate our commitment to deliver cutting-edge products and solutions to customers here and globally. Igus has a global focus on cost-sensitive and sustainable solutions, designed to meet customer demands, in line with our motto ‘Tech up, cost down’, which is also the Indian approach to technology and innovation, a key factor that has led to our significant growth in the country. With the economy looking buoyant and with our continued commitment to invest in growth, we are looking to further double our current revenues in a shorter span of the next 3-4 years.”