The German Tier-1 motion plastics major which has an extensive clientele of over 19,000 customers in India, projects revenues of Rs 340 crore in 2024.
21 Aug 2024 | 15944 Views | By Autocar Pro News Desk
In a strategic move to strengthen its footprint in the Indian market, Igus, a global leader in motion plastics, has inaugurated a new state-of-the-art, 92,000 square feet manufacturing facility in Mandur near Budigere in Bengaluru.
The company says the development marks a significant milestone for its India operations as ...
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In a strategic move to strengthen its footprint in the Indian market, Igus, a global leader in motion plastics, has inaugurated a new state-of-the-art, 92,000 square feet manufacturing facility in Mandur near Budigere in Bengaluru.
The company says the development marks a significant milestone for its India operations as it prepares to focus on new divisions dedicated to the semiconductor and renewable energy sectors, areas poised for substantial growth. The expansion is part of Igus’s long-term strategy to enhance its operational capabilities and support its extensive customer base in India.
Igus India, a wholly-owned subsidiary of the German-based Igus GmbH, has been a major player in the motion plastics industry since its establishment as a subsidiary in 2000. With over 19,000 customers in India, Igus India has built a robust presence over the years. The company boasts an extensive catalogue of 125,000 parts, which can be used for innumerable customer demand-based assemblies done locally. On an average over 200 new products are introduced annually, underlining its commitment to innovation and customer satisfaction.
The new Bengaluru facility represents a substantial investment of over Rs 100 crore (approximately 12 million euros), underscoring Igus’s commitment to the Indian market. The financial allocation includes Rs 20 crore for setting up the factory, Rs 40 crores for advanced injection moulding machines, and Rs 20 crore for the manufacturing process. The plant is equipped with cutting-edge technology and infrastructure designed to meet the high standards of motion plastics production, ensuring that Igus India continues to deliver world-class products to its customers. We are still also on a look out for purchasing own land.
Deepak Paul, Managing Director of Igus India, emphasised the strategic importance of this expansion, and said, “The Indian market presents tremendous potential for Igus, as demonstrated by our continued growth and investment here. Our objective is to deliver cutting-edge products and solutions not only to our customers in India but also on a global scale. Igus’s global focus on cost-sensitive and sustainable solutions, encapsulated in our motto ‘Tech up, cost down,’ is perfectly aligned with the Indian approach to technology and innovation. This alignment has been a key driver of our significant growth in the country. As we look forward, our plans include expanding beyond Bengaluru, with logistics and assembly centres set to be established in Pune, Gurugram, and Noida.”
Igus India is currently the sixth largest subsidiary among Igus’s 38 global subsidiaries, a position that reflects its strong performance and growth potential. Over the past two years, Igus India has doubled its market growth, with revenue figures climbing from Rs 199 crore to Rs 313 crore. The company expects this upward trajectory to continue, projecting a revenue of Rs 340 crores for 2024.
Additionally, Igus India has invested in a clean room testing facility in Germany and plans to establish a similar setup in India, further enhancing its product development and quality assurance capabilities.
Santhosh Jacob, Country Manager and Director of Igus India, added, “Technology and innovation are at the core of everything we do at Igus. With a catalogue of 125,000 parts and 247 new products introduced this year, we are constantly inspired by our customers’ needs to push the boundaries of what is possible. Our ongoing expansion of the motion plastics product world, coupled with the integration of digitalization and AI, is a testament to our long-term corporate strategy. We are making significant progress in embedding digitalization as a key technology at Igus, which will play a crucial role in our future growth and success.”
Regarding its focus on sustainability and commitment to the environment, Igus will focus on the emerging semicon and renewable energy businesses by investing on people, and participating in Industry specific shows with the presence of Industry specialists from Germany.