Pricol’s expansion positive step for screen printing – Investment in new units incorporating solar panels
29 May 2021: As per news reports, Pricol plans to invest about Rs.225 crore towards setting up new plant and machinery during this financial year. The Coimbatore-based auto parts maker is said to be utilising this investment for the purpose of expanding existing capacities as well as supporting its new projects.
Reports that have appeared in many leading publications indicate that out of the total capex amount, about Rs.130 crore is expected to be earmarked for building, infrastructure and plant and machinery expansion. It has set aside Rs.40 crore for Pricol Wiping Systems and Rs.10 crore for Brazil operations.
The announcement has been received with big smiles by the screen printing industry as the investment opens up the demand for an important product, namely solar panels. Over the years, augmented demand from this segment and the government’s policies encouraging the same have created a good scope for screen printing industry growth. Pricol’s investment in new units incorporating solar panels is therefore, seen as a very positive step.
The company’s Rs.32-crore greenfield unit at Sri City near Chennai is expected to be operational by October. The facility, which will also have a 250 kw rooftop solar facility, is coming up on six acres at the SEZ. This will be its 10th manufacturing unit in India, Vikram Mohan, Managing Director, Pricol is reported to have conveyed during the company’s recently held annual general meeting.
Pricol is also investing Rs.42 crore in a new factory at Hosur and it will be fully operational by the end of 2018. This plant, which will also have 250kw rooftop solar unit, will cater to the requirements of the Bengaluru auto cluster.
Meanwhile, the company launched operations at the newly built plant at its Rs.7.5-crore Manesar facility.
Pricol, which supplies its products predominantly to automobile OEMs, is said to be recruiting about 400 people for its Hosur, Sri City and Manesar factories.