Indo- MIM plans to invest Rs. 350 cr. in Karnataka | SupportBiz

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Indo- MIM plans to invest Rs. 350 cr. in Karnataka

 
Bangalore based Indo- MIM, prominent Metal Injection Molding (MIM) company is planning an investment of Rs. 350 crores in Karnataka over next 3-5 years and expects to reach Rs. 1200 crores while adding 1000 more employees, said a release from the company.

MIM is an emerging manufacturing technology utilized to produce metal components of complex geometries in large volumes.

The company, which supplies precision-engineered products to customers in more than thirty countries globally, registered a turnover of Rs. 500 crores in 2013 fiscal. Indo- MIM has offices in USA, Europe, India and China and employs about 300 engineers in India.

Commenting on the plan Dr. Krishna Chivukula, Chairman Indo- MIM said, “We are growing year on year at an approximate rate of 30 per cent and expect to do a turnover of Rs. 1200 crores in 3-5 years. During 2014 fiscal year and ensuing five years, Indo-MIM plans to aggressively increase its capacity in Bangalore India and in select countries overseas, thereby ensuring its pre-eminence in the MIM industry.”

The company was established in 1998 in Bangalore and has since expanded its facilities into the largest installed MIM capacity in the world. Its employee strength in Bangalore facility is about 2000. Besides MIM, Indo-MIM does Aerospace precision machining & surface treatments and has a investment casting facility in Tirupati, Andhra Pradesh specializing in the production and export of Investment Castings (IC) for the automotive sector.

Indo- MIM has received three of the eight Metal Powder Industry Federation (MPIF) PM Design Excellence Awards at the recently concluded Powder Metallurgy Conference PM- 2013 at Chicago, Illinois, USA.