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FIEM Industries to tap market

Corporate Reporter

CHENNAI: FIEM Industries, engaged in manufacturing lighting signalling equipment and rear view mirrors for the two and four-wheelers, is entering the capital market with its initial public offer of 41 lakh equity shares of Rs. 10 each at a premium to be decided through the book-building route.

The objective is to part finance the expansion of its existing units at Sonepat, Haryana (unit 1) and at Hosur, Tamil Nadu (unit II). Besides, the company plans to set up a new manufacturing facility at Nalagarh, Himachal Pradesh (unit VI) and establish an export-oriented unit (EoU) at Kelamangalam, Achettipalli, Hosur (unit V).

Fresh plans

Detailing the company's fresh plans, JSS Rao, Executive Director, said the EoU would produce rear view mirrors.

The company had entered into memorandam of understanding with Aspock Holding of Austria and Zadi Divisione Fanleria of Italy for forming joint ventures. It had also entered into a joint venture agreement with Korea Air Conditioner for producing automotive radiators, heating elements and air conditioning systems and supplies to major OEM in Korea, he said.

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