Genus in JV with Brazilian firm to set up unit there
In its effort to gain a foothold in international markets, digital electric meter manufacturer Genus Overseas has tied-up with Brazil-based Mobix to set up a manufacturing facility there at a cost of Rs 70 crore ($15 million).
"The JV marks our entry into the overseas market and we would export our products to Latin America and a few other African countries. We are expecting a turnover of about Rs 100 crore from the facility in its first year of operations," Kailash Agarwal, director of Genus Overseas, said.
He said the company’s performance has been continuously improving in the domestic market and it is expected to clock a turnover of Rs 400 crore in the current fiscal.
Genus would provide its expertise in producing electric meters in the Brazilian facility while Mobix would utilise its advanced technology in the manufacturing of water, gas and other meters, he said.
"Mobix would also provide technical assistance to Genus for manufacturing water and gas meters in India," Agarwal added.
The Brazilian facility, expected to be operational by the end of 2007, would have an annual capacity to produce 10 lakh meters.
As per the agreement, Genus and Mobix would invest $3 million (about Rs 13.80 crore) each while the remaining nine million dollars would be generated through bank loans.
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