Fenner to diversify into auto components

Hyderabad: Fenner (India) Ltd has decided to diversify into auto components, which would be based on rubber and metal. It is also planning to invest close to Rs 100 crore in the next three years.

The company, which manufactures belts and oilseals and other power transmission products, is part of the diversified JK Group. It has manufacturing units in Hyderabad and Madurai.

The diversification into auto would be through a combination of greenfield projects as well as acquisition in India and abroad, according to Mr L. Ramkumar, President & Director, Fenner (India) Ltd.

In a press release here, Mr Ramkumar said the company was in the process of short-listing a few projects. The Rs 100-crore investments were aimed at positioning the company strongly to take on global players in the industry both domestic and international markets.

He said plans were also on to triple the current turnover in the next three years. To achieve this Fenner is setting up greenfield sites at Madurai and Chennai for belts and oilseals and power transmission products at Hyderabad.