Ugra Precision seeks partner

Ugra Precision Engineers based in Mysore could soon rope in a partner for financial and technical support. It is also gearing up for an initial public offer to fund its capacity expansion. The company has been machining castings and plans to focus on axle components like differential casings and knuckles for four/two-wheel- drive vehicles, transmission housings, engine blocks and heads made of aluminium, cast iron and SG iron.

Once a partner is identified, Ugra will set up a dedicated facility in Mysore or some part of the south. S Vedanth, director, said that it would be commissioned by 2008. The existing unit has a capacity to machine about 300 tonnes of components a month. Since 1999, Ugra has been machining castings supplied by the foundry division of Brakes India operating out of Sholingur near Chennai. It recently began machining gearbox housings for Tata Motors’ Novus. For the last three months, it has been supplying differential casings to Automotive Axles in Mysore.

Ugra has also been delivering about 200 front axle knuckles each month to ZF in the US. It has an associate company Jayalakshmi Malleables, a foundry in Shimoga which exports cylinder liners to the aftermarkets in Asean and the Middle East. It has also begun supplying flywheel housings to BEML’s engine division.