Craftsman Automation, a key player in engineering supply for the automotive and industrial sectors, is leveraging the China+1 strategy and Make in India initiative by significantly increasing its investment for the fiscal year 2024. The company is set to invest an additional ₹150-160 crore, raising its capital expenditure to Rs.470-480 crore for the creation of a greenfield manufacturing unit in Coimbatore. This proactive move is aimed at capturing the market space created by shifting global supply chains and India's push for reduced import dependence.
The new manufacturing complex, earmarked for about Rs.209 crore, will be located near the company's existing Coimbatore plant, ensuring synergy between the two facilities.
The first half of the fiscal saw Craftsman Automation spend Rs.258 crore on upgrading technology and expanding current operations.
With a focus on the automotive powertrain business, the company anticipates growth in the coming years and is preparing to meet export demands and expand into the off-highway segment, leveraging current geopolitical dynamics.
Craftsman Automation is also expanding its aluminum die-casting and industrial engineering segments, expecting a brighter second half with a substantial order book in automated storage solutions.
This strategic expansion underscores the company's agility in adapting to global market shifts and India's potential as a manufacturing hub.