MTAR to invest Rs 200 cr in new SEZ facility

The Financial Express

MTAR to invest Rs 200 cr in new SEZ facility
The Financial Express
Corporate Bureau
Posted: 2008-11-29 02:30:18+05:30 IST
Updated: Nov 29, 2008 at 0230 hrs IST
MTAR Technologies, engaged in high precision machining, fabrication and design centre with latest machines and testing facilities, is investing Rs 200 crore for setting up a manufacturing facility at the country’s first aerospace and precision engineering SEZ, near Hyderabad. About 280 acres have been allotted for the SEZ and the facility is expected to be fully commissioned by 2011. Besides MTAR, TVS, Godrej and Tatas have also evinced interest in investing in the SEZ.
The Rs 100-crore company would be investing Rs 100 crore as an initial investment and the rest is being mopped through internal accruals and other promoters. The facility would be manufacturing space and nuclear-related products.
Incidentally, the company had received $65 million through Blackstone, a PE fund, and is targeting Rs 500 crore revenues through various outsourced projects in the next three years.
Meanwhile, the company has successfully completed the manufacture of prototype fast breeder reactor (PFBR) grid plate which is an important milestone for the Indian nuclear programme. Grid plate is one of the critical components of PFBR acting as a pressure plenum for the coolant and removes the nuclear heat generated in the core.
The overall size of the grid plate is about one metre in height and weighs about 80 tonnes. The indigenously-developed grid plate was handed to Anil Kakodkar, chairman, Atomic Energy Commission.
According to Ravindra Reddy, chairman, the grid plate is designed and developed by Indira Gandhi Centre for Atomic Research, Kalpakkam and the purchase order is from Bhavini, Department of Atomic Energy, Kalpakkam.
‘’With the development of indigenous capability of MTAR for grid plate, it is also developing other critical items such as inclined fuel transfer machine, control and safety rod drive mechanism, control plug, etc for the second stage of nuclear programme,’’ he said.
Incidentally, MTAR is already supplying major equipment such as Vikas and cryogenic engines to space launch vehicles besides satellite components such as modules and other critical components for ISRO.