Autoparts maker Menon Bearings to invest Rs 15 cr in new plant at Kolhapur
KOLHAPUR: Menon Bearings, city's first BSE listed company, on Thursday announced a Rs 15-crore project to start new line of production of automobile components here this fiscal. The announcement was made in the annual general meeting of shareholders here, in which the company has announced 100% dividend for 2015-16.
The company was listed in Bombay Stock Exchange in 1991 and celebrated its 25th AGM with shareholders on Thursday, most of them locals and were associated with the company since its inception.
"The new line would consist of production of bearings, bushes and washers. Currently, we produce 2.5 million pieces annually and, with the new unit, the production capacity will reach 4 million per annum," said R D Dixit, managing director of Menon Bearings.
Dixit said the company has diversified its business over a period and has concentrated on high value added products. Indian auto component industry is expected to become worlds 3rd largest by 2025. We have diversified into 100 products which ensured the stability of the company, he added.
Dixit also raised the issue of high power tariff, which has been affecting Kolhapur's ancillary industry to large extent.
The company announced profit before tax of Rs 23.32 crore and profit after tax of Rs 14.89 crore for the year 2016.
The company also announced setting up of a skill set training facility, along with an auditorium at Gokul Shirgaon Manufactures Association. The Rs 1 crore facility would benefit the local industries, said Nitin Menon, joint managing director.
The local industry has welcomed the new investment plans and has expressed relief that the industrial slowdown is weakening. "Indeed, its a good sign that Menon is investing in a new venture. The local industry has not seen much movement in terms of investment since 2012, largely due to industrial slowdown and high power tariff. Some of the industry-friendly steps of both the central and state governments are giving positive signs for the industry," said Surendra Jain, president of Shiroli Manufacturers Association.
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