German Firm ‘igus’ to Invest ₹100cr in Bangalore to set up New Plant
Ten News Network
New Delhi (India), 6th June 2023: Igus, a German manufacturer and distributor of high-performance plastics-based technological goods, has opened a new factory in Bengaluru. The company intends to invest Rs 100 crore on value-added processes at its plant.
Igus India has opened a new four-acre site in Bengaluru near Budigere. The plant will contain motion plastic production equipment and infrastructure. Igus has already invested over Rs 15 crore in the facility’s initial phase of construction, which is scheduled to be operational in the coming months.
Igus India’s revenues increased to Rs 284 crore in the fiscal year 2022-23, up from Rs 199 crore the previous year. Igus India’s MD, Deepak Paul, stated, “Our continued investments in our manufacturing capabilities in India reiterate our commitment to deliver cutting-edge products and solutions to customers here and globally.”
He also added, “Igus has a global focus on cost-sensitive and sustainable solutions, designed to meet customer demands, in line with our motto ‘Tech up, cost down’, which is also the Indian approach to technology and innovation, a key factor that has led to our significant growth in the country.”
Expanding further on future plans, Paul said, “With the economy looking buoyant and with our continued commitment to invest in growth, we are looking to further double our current revenues in a shorter span of the next 3-4 years.”