Released on = September 20, 2006, 6:10 am

Press Release Author = PRHUB

Industry = Industrial

Press Release Summary = Ghaziabad-based Micromatic Grinding Technologies (MGT), the
largest manufacturer of high-precision grinding machines with a domestic market
share in excess of 50% and a member of the Rs. 500 crores AceMicromatic Group, today
announced that it is opening a new plant at Ghaziabad to manufacture new range of
grinding machine which will revolutionize the automotive engineering industry.



Press Release Body = Ghaziabad-based Micromatic Grinding Technologies (MGT), the
largest manufacturer of high-precision grinding machines with a domestic market
share in excess of 50% and a member of the Rs. 500 crores AceMicromatic Group, today
announced that it is opening a new plant at Ghaziabad to manufacture new range of
grinding machine which will revolutionize the automotive engineering industry. Built
with an investment of Rs. 25 crores, the plant would be the first machine tool plant
in India to be fully air-conditioned and takes the total manufacturing capacity of
MGT to over one lakh sq. ft. The new plant, which allows MGT to have a better
control on the quality of the high precision grinding machines that it produces,
would be formally inaugurated by Mr. Pawan Munjal of Hero Honda tomorrow. On the
occasion, MGT announced that its four year partnership with JTEKT Corporation of
Japan has evolved into a technical collaboration, leading to the development of a
new CAM Grinding machine which would be manufactured at the new plant and rolled out
in the Indian market before being launched elsewhere. With the new plant and
increased investments, the company expects its revenues to grow multi-fold to Rs.300
crores by 2010.

On the technical collaboration, Mr. Hitoshi Akhane, Executive Director, JTEKT
Corporation, said,"The four years of working together has convinced us of the
technological capability and expertise of the team at MGT. That coupled with the
overall growth in demand of the Indian automotive industry made it logical for us to
evolve that relationship into a formal technical collaboration with MGT which we
feel hold great promise and allows adoption of our technology in growth markets like
Asia."

In his comments, Mr. N K Dhand, Managing Director, Micromatic Grinding Technologies
Ltd. said," The inauguration of the new plant is a milestone not only for MGT but
for the entire machine tools sector in India as it pushes the envelope further on
the kind of manufacturing that can be done out of India and allows us to join the
global league of players with such facilities. The technical collaboration with
JTEKT Corporation is quite relevant as it provides us access to the cutting-edge and
latest technologies of a global market leader thus adding muscle to our aim of
furthering domestic leadership and increasing global foothold." "The presence and
support of Mr. Munjal and Hero Honda deserves special mention as they have been the
single largest customer of us for the past two decades and a true partner who has
been responsible for our growth," he further added.
JTEKT Corp. formed through the merger of Toyoda Machine Works Ltd. and Koyo in 2005
is the world leader in steering systems, driveline products, bearings and machine
tools with a turnover of US$9 billion. The conglomerate manufactures markets and
supports its customers through a global network that spans growing number of
countries.


Incepted in 1973, Micromatic Grinding Technologies Ltd. is India's largest producer
of precision Grinding Machines which are used by the automotive, general engineering
& defense sectors as part of their component manufacturing process. The company has
since sold 3000 machines to Hero Honda, Tata Motors, MICO, Mahindra & Mahindra,
Delphi TVS, Toyota Kirloskar Auto Parts, Bajaj Auto, Honda Siel, Sonakoyo, Rane
Group, Suzuki Motors and Showa among others. Besides India, MGT currently serves
customers in UK, USA, Germany, Italy, France, Middle-east, Australia, Japan, China,
Russia and Thailand. Micromatic Grinding Technologies Ltd. is a part of the Rs. 500
crores AceMicromatic Group which consists of Ace Designers, Ace Manufacturing
Systems, Pragati Automation & Micromatic Machine Tools (MMT). Each group company is
a market leader in its niche and MMT is the common marketing company for all the
group companies.



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