By IANS
Kolkata : Macmet India Ltd (MIL), a Kolkata-headquartered bulk material handling solution major, will form a joint venture with TAIM-TFG of Spain for manufacturing products like ship loaders, unloaders, stackers, reclaimers and specialised cranes in India.
“We are expecting to complete the agreement within next 12 months to address the growing needs of steel, cement and mining industries for bulk material handling system. The proposed manufacturing facility is expected to come up at Kalyani in West Bengal with an investment of about Rs.90 million ($2.3 million),” P.K. Madappa, managing director of MIL, told reporters here Tuesday.
He said the new company would be formed with a 50:50 partnership between MIL and TAIM-TFG.
MIL has diversified its activities into construction, engineering and execution of turnkey projects for steel, power and cement sector. The company has a strong presence across India with two manufacturing units in Kolkata and Vishakhapatnam.
“Last year, we had a turnover of Rs.700 million ($17.6 million) which we are trying to double in the next one year,” Madappa said.
Speaking on the occasion, TAIM-TFG Director Simon Whalley said the new joint venture company is aiming to achieve a turnover of 20 million Euros ($29 million) within 12-18 months from the day it would start its operation.
TAIM-TFG is one of the global leaders in bulk material manufacturing handling, lifting equipments, renewable energy and environment with a strong emphasis on innovation and technology.