Rane Engine Valves has bagged an additional euro 2.2 million per year export contract from Germany’s Volkswagen (VW).
The company today informed BSE the new business will commence in 2007 and contribute an additional euro 2.2 million per year to it.
Rane said it has been supplying engine valves for the Golf and Polo models to VW since 2003 and its current sales turnover to the German car major is about euro 2 million per year.
The company said it will increase capacity of its Aziz Nagar plant in Hyderabad to meet the demand of the new contract, adding it is also finalising a location for its 5th plant to meet future requirements of both domestic and overseas customers.
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