Caparo eyes Rs 1,000 cr turnover

Targeting a four-fold jump in turnover at Rs 1,000 crore (Rs 10 billion) in three years, NRI indusrialist Lord Swaraj Paul's Caparo Group on Monday started operations at its manufacturing unit in Bawal and announced an investment of Rs 325 crore (Rs 3.25 billion) for setting up four facilities in Chennai.

The sheet metal stamping plant, which is part of the joint venture Caparo Maruti Ltd, was inaugurated by Governor of Bank of England Mervyn King in the presence of Lord Paul.

The plant has been put up with an investment of Rs 25 crore (Rs 250 million). This is the third plant of the joint venture company, a statement from the firm said.

The UK-based Caparo group has four running plants in India with a total turnover of Rs 250 crore (Rs 2.5 billion) at present. The group is targeting a turnover of Rs 1,000 crore (Rs 10 billion) by 2008.

It is focusing attention on Chennai to set up four modern facilities at an investment of Rs 325 crore (Rs 3.25 billion) for sheet metal automotive components, aluminium foundry, research centre for tool manufacturing and steel forgings.

All these facilities would not only meet the domestic demand, but would also cater to overseas customer's requirements as well, it said.

The company has a plant in Gurgaon and another in Halol, Gujarat for sheet metal automotive components.