Kinetic Engineering restructures business
05 Apr 2007
Mumbai: Kinetic Engineering today said it expects a three-fold increase in its top line to touch Rs500 crore by next fiscal, following the completion of its business and financial restructuring process.
A company communiqué quotes Sulajja Firodia Motwani, joint managing director, as saying Kinetic Engineering will focus on auto-component manufacturing while group company Kinetic Motor will focus on manufacturing all Kinetic two-wheelers. Earlier Kinetic engineering manufactured large-wheel two-wheelers, ie motorcycles, while Kinetic Motor manufactured scooters.
She said, "We are now going full steam to maximise the opportunity in auto-component manufacturing and expect a business of Rs500 crore by 2009-10." The company expects to close 2006-07 with a turnover of Rs160 crore.
"Our restructuring, which included a one-time settlement to lenders, a VRS to employees, fresh investment from Reliance Capital and Clearwater Capital Partners, and sale of two-wheeler to Kinetic Motor, has been completed.
Kinetic
Engineering has a client base of auto majors from around
the world including Tata Motors, Bombardier Recreational
Products, Piaggio, Force Motors among others.
