July 8, 2019
Coimbatore : As part of its expansion plans to cater to various countries, the city based CRI Group has set up wholly owned subsidiary in USA and Mexico with an investment of five million US Dollars.
The USA facility will commence doing assembly of certain products in addition to supplying ground water pumping systems, waste water pumps, pressure boosting and industrial pumps, the group Vice-Chairman, G Soundarajan said Monday.
The company has been preparing for more than a decade developing products for these markets such as USA, Canada, Mexico, Central America and Caribbean countries, he said in a statement.
“We have been catering to the USA and Mexico markets for over a decade, supplying through distributors. By setting up these facilities, we will enhance our technical and application support, reducing delivery lead times and will be able to cater to new value-added segments to grow in these markets,” he said..
The products launched in these markets include specialised pumps for mining applications, chemical process pumps,industrial pumps with IoT (Internet of Things) enabled health monitoring systems and encapsulated submersible motors fitted with lightning arrestor which were developed by the CRI. R&D Wing for the first time in India,Soundarajan said..
The annual turnover expected from these markets in the next three years will be 10 million USD, he claimed. .
C.R.I. products are sold in over 120 countries and. the group currently has facilities (wholly owned subsidiaries) in Spain, Italy, Brazil, Turkey, China, South Africa and UAE.
The group has achieved Rs.2,100 crore in the 2018-19 financial year and is aiming to cross Rs 5,000 crore by 2022-23, Soundararajan said.