Symphony to set up unit at Sachin SEZ

Ahmedabad-based Symphony Ltd, a global player in air coolers, is planning to set up a manufacturing unit at the special economic zone (SEZ) at Sachin near Surat to cater to its export market.

At a recently concluded board meeting, the Symphony board has announced its decision to set up a unit in the special economic zone (SEZ) at Sachin near Surat in Gujarat.

The company has recently received the formal approval from the SEZ Approval Committee for setting up the unit.

Rupesh Shah, executive director of the company informed, "We will set up a manufacturing unit in SEZ at Sachin with a capital investment of around Rs 3.5 crore (Rs 35 million). The unit will be operation in next three to six months and will cater to our overseas markets."

The Company exported about one lakh units during 2009-10, while in the current year the exports are expected to cross 1.5 lakh units, he added.

This will enable the company to avail various benefits of SEZ, including 100% income tax exemption on export profits from SEZ at Sachin in the years down the line, the company statement said.

Symphony exports to about 54 countries from Middle-East, Africa, Europe and North America.

"The demand for coolers is huge in the North American countries. We see potential there. We expect about one lakh units of exports from the unit in Sachin SEZ unit after the two years of its commissioning," said Shah.

Buoyed by the export market potential, the company expects Rs 500 crore (Rs 5 billion) turnover in next two years.