Japanese steel firm IMOP invests Rs 108-cr in second plant at AP’s Sri City
Sri City (Tirupati Dist., Andhra Pradesh), Nov 11 (TNT) : Japanese steel plate processing company India Metal One Steel Plate Processing Private Limited (IMOP) on Wednesday inaugurated its second manufacturing facility at Sri City in Andhra Pradesh with an investment of Rs 108 crore, taking its cumulative investment in the industrial hub to Rs 408 crore.
The new facility, spread over 12,000 square metres, will increase the company’s annual production capacity by 25 per cent from 48,000 tonnes to 60,000 tonnes and generate 200 additional jobs, taking its total workforce to 850, the company said in a release.
IMOP Managing Director Taizo Iwami said the expansion would strengthen the company’s ability to supply quality products while maintaining safety standards and ensuring timely services to customers.
Sri City Managing Director Dr Ravindra Sannareddy said the expansion reflected the confidence of global investors in Sri City and would contribute to regional industrial development and employment generation.
Established at Sri City in August 2012, IMOP manufactures processed steel plates, steel frame assemblies and precision components for leading construction equipment manufacturers.
The inauguration was attended by Masashi Mizuno, Executive Officer and COO of Metal One Corporation, Yukita Sato, Chairman and Managing Director of Metal One India, representatives of Sojitz Corporation India and senior executives of customer and supplier companies.
The company also felicitated its long-standing business partners, including customers Caterpillar, Kobelco, Tata-Hitachi and Doosan Bobcat, and suppliers Tata Steel, Jindal Steel and JSW Steel.
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