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Mumbai:
Fenner India has announced the completion of the business
restructuring of the company with the hiving-off of its
conveyor belt division into a new company — Fenner
Conveyor Belting Private Limited. Raghupati Singhania,
chairman, Fenner India Ltd, and Mark Abrahams, chief executive
officer of Fenner PLC, UK — the global leader in
conveyor belting business, made the announcement today.Fenner
India will continue to market its products under the present
brand names.
The
manufacturing facility was formally inaugurated today
at a new location near Madurai. Fenner India Ltd manufactures
V belts, power transmission systems, oil seals and has
several plants in southern India and branches all over
the country.
The
Hari Shankar Singhania group of the JK Group acquired
equity holding in Fenner India in 1987 and has been
managing its affairs since then with Raghupati Singhania
as chairman. Since then the company''s turnover has grown
from Rs35 crore to about Rs300 crore. The company has
posted profit before tax of about Rs27 crore for the
year ended March 31, 2004.
With this restructuring, JK Group has acquired majority
holding in Fenner India Ltd, which is in the process
of substantially expanding its business of V belts including
power transmission systems and oilseals.
Fenner
PLC, UK, has acquired Fenner Conveyor Belting Pvt. Ltd,
as its wholly-owned subsidiary and has significant growth
plans for this business. Richard Wilkinson will run
the business.
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