Coimbatore: Pump manufacturing major CRI Pumps has opened its subsidiary – CRI Pumps Shanghai Co Ltd — in China. This is the pump major's sixth foreign subsidiary company. It has one subsidiary company each in Brazil, South Africa, the UAE, Spain and Turkey.
The Chinese subsidiary is expected to become fully operational in about a month’s time.
G. Soundararajan, Vice-Chairman, said the investment in the China facility would be around $6 million.
CRI China would focus on industrial, mining, process industries, pressure boosting systems, building services segment and projects in the first phase, he said.
“We acquired the industrial pumps business of UK-based Pumps & Process Systems about a year ago. We will be leveraging this acquisition for entering the China market,” he told Business Line.
On the company's foray into China, he said: “Mcilvaine survey has estimated the pump market in China at $8.4 billion by 2015. Around 13.5 million units of various types of pumps are sold there in a year. The market there is undergoing a major transition and we intend to leverage our strength and capitalise on the developments”.
On the company's performance, he said: “Our turnover last year was Rs 1,025 crore, of which Rs 170 crore was from our international business. Exports are growing at 35-40 per cent now. We are targeting to achieve a turnover of Rs 1,300 crore this fiscal, including Rs 230 crore from our international operations.”
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