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Greaves’ new Gummidipoondi facility on stream

CHENNAI: Greaves Cotton, a leading engineering company, has set up a new plant for manufacturing road compaction equipment in Gummidipoondi, near Chennai. Inaugurating the plant, Karan Thapar, Chairman of the company, said the facility, the fourth manufacturing unit of the company’s infrastructure equipment group, would complement the existing unit and enable it to double its production capacity to 1,200 compaction machines annually.

Mr. Thapar has also announced the signing of a technical collaboration agreement with Bomag of Germany to manufacture the latest generation 19-tonne vibratory soil compactors in India. There was a huge demand for high capacity compactors in India from contractors executing road projects, airports, dam and irrigation projects, he said. Mr. Thapar said infrastructure development was a vital ingredient for sustainable economic growth and Greaves was playing a key role by offering world-class equipment for both compaction and concreting segments.

The company also opened a new training centre in Gummidipoondi to train operators and maintenance staff of customers as well as the company’s own engineers.

Later addressing presspersons in Gummidipoondi, P. Sachdev, Managing Director and CEO, said the company was aggressively focussing on the booming infrastructure sector and over the past few years Greaves had stepped up its contribution to the infrastructure sector by setting up four manufacturing units for compaction and construction equipment.

Meanwhile, the company has announced its third quarter results with net sales and operating income at Rs. 341.57 crore in the three months ended March 31, 2008, against Rs. 325.69 crore in the year-ago period. The net profit after tax stood at Rs. 30.46 crore against Rs. 33.90 crore.

A third interim dividend of Rs. 2 per share has been announced.

This, together with the first and second interims of Rs. 2 per share each, takes the total interim dividend to Rs. 6 per share.

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