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International Tool Co to up localisation for products in India

International Tool Co to up localisation for products in India
PTI
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First Published: Tue, Jun 28 2011. 03 49 PM IST
Updated: Tue, Jun 28 2011. 03 49 PM IST
Chennai: UK-based tools manufacturer International Tool Company today said it plans to increase localisation content for its products in India.
“We manufacture various products here in India. Some include brake bleeder and power probe for the automobile industry. These have only 20% localisation level. We want it to reach 50%,” International Tool Company Ltd managing director Daniel Ginty said.
The company, which entered India in 2007, through its subsidiary Intuitech Tool Company India, currently has a manufacturing facility at Bangalore. It has invested 3.60 lakh Pounds in the 14,000 Square foot plant.
Stating that this is the company’s fourth unit globally after similar facilities in UK, Europe and Taiwan, he said that they had recently signed a trade agreement with a German company to increase the localisation level.
“We just signed the agreement with the company in Germany. They will be our technology partners and we will manufacture the products in India. With this partnership we will be able to increase localisation level to 50% in the next three years”, he said.
Besides, the company is targeting to double the revenues from its India operations this year, he added.
“Last year majority of our sales from India was to overseas markets. We need to establish ourselves before we focus on the domestic market. Last year’s turnover was Rs eight crore. This year we are expecting it to touch Rs 20 crore”, he said.
He said they also plan to increase dealers to 200 by the end of this year.
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First Published: Tue, Jun 28 2011. 03 49 PM IST