Precision Group buys out UK partner in JV
Manufacturer of camshafts, Precision Group has bought out the remaining stake in Clancey Precision Components Private Limited from UK-based G Clancey.
By this acquisition, Precision has firmed up its global plans, the company said in a release.
Earlier, Precision had 49 per cent stake in the joint venture.
Yatin Shah, the Managing Director of Precision Group, said: "This acquisition has cleared the restrictions on direct marketing because we were bound by the JV agreement. We will look at further investments and target customers across the globe."
For FY07-08, Precision is expecting revenues to cross Rs 125 crore and Rs 350 crore by 2010.
So the company is gearing up to achieve its dreams. "We are planning to increase the headcount by over 1,000 persons in the next 24 months. The manufacturing facility in MIDC, Chincholi will commence production by the beginning of next year," Shah added.
Recently, Precision bagged an order to supply Rs 25 crore worth of camshafts to German auto makers BMW and Porsche.
Precision supplies camshafts to domestic and European auto makers.
Source:
