TVS Cherry to set up third facility in Pune

Chennai: TVS Cherry (TCPL), the 50:50 joint venture between TVS Group and $425-million Cherry Corporation (CC) of the US, is mulling options to set up its third facility, preferably in Pune, primarily to support increasing demand from automotive segment.

TCPL has two plants in Madurai (an export-oriented unit and another to cater to domestic market) and makes precision snap action rocker switches, sensors and reed relays catering to automotive and appliance industries.

The Chairman and President of Cherry Corporation, Mr Peter B. Cherry, said TCPL would become a dedicated manufacturing hub for CC for some of the components and sub-assemblies. The award recognises the efforts of individuals or businesses for their contribution in promoting Indo-US relationship.

Recently, TCPL became a single source for K-series switch meant for the appliance industry. Since CC wanted to leverage low-cost manufacturing, it decided to source systems and modules rather than mere components, he said. These initiatives will help TCPL grow about 40 per cent during the next couple of years, he added. According to the Chairman of TCPL, Mr R. Haresh, the company would eventually increase manufacturing fully finished modules and sub-assemblies eventually adding the topline significantly. Last year, the company registered a turnover of Rs 38 crore.