Indo-US MIM Tec to invest Rs 1000 cr

 Indo-US MIM Tec Pvt Ltd, an entity promoted by a US-based non-resident Indian, and into the metals injection moulding business, has said that it will invest Rs 1,000 crore in its Bangalore operations over the next five year period. 

Indo-US MIM Tec Pvt Ltd Chairman Krishna Chivukula said the company is looking for 20 acres of land in Bangalore to expand its manufacturing facility. 

“We are number one in MIM technology. We are also involved in ultra trace element analysis, materials research, development, application and testing. Almost 95 per cent of our products are exported,” he said.

“MIM is the latest emerging manufacturing technology. It started off in the 1980s in the US and brings together plastic injection technology and powder metallurgy to produce small metal components in high volumes,” he said.

“We are improving ourselves and our engineers are working on it to produce durable items in more volumes. We started off in 2009 and sales have currently reached Rs 1,000 crore,” he said.  

The company has already invested Rs 700 crore at its  Doddaballapur and Hoskote facilities and currently employs about 2,400 employees.  

Indo-US MIM Tec Pvt Ltd designs, manufactures and supplies metal injection moulding products for automotive, medical, consumer, aerospace, oil and gas and industrial sectors worldwide. 

“Our engineers are not from IITs but from the local engineering colleges and make them world class engineers and make my company world class. We will hire 2500 more soon,” he said.

The company also owns Shiva Labs, which is into ultra trace element analysis and materials research  with an investment of Rs 50 crore. “We have 90 people in Bangalore and 20 people in US. We are also planning to invest Rs 20 crore more in this facility,” he said.

Talking about the manufacturing industry in India, he said India has no scale in it. 

“Indians make only components. Here, we have achieved scale in automobile industry. The endeavours brought in by Narendra Modi in this regard are truly encouraging,” he said.