Chidambaram inaugurated Saarc Tool Tech P Ltd

Union Finance Minister P. Chidambaram inaugurates the Saarc Tool Tech Private Limited’s production facility at Malumichampatti, near Coimbatore, on Saturday. Managing director of the company P. Murugesh (second right) is also in the picture. Youth should develop confidence in their own capabilities and in the country’s potential to grow into a strong and prosperous nation, the Union Finance Minister, P. Chidambaram, said here on Saturday.

He was inaugurating the Coimbatore plant of Saarc Tool Tech Private Limited, a Bangalore-based company that makes sub-assemblies for mast and radar devices, stampings and precision machined parts.The Coimbatore plant, which has come up at an investment of about Rs. 9 crore, will make defence oriented products such as roto moulded transit cases.The plant has the capacity to make 60,000 boxes annually and provides employment to nearly 90 people. The company is aiming at achieving Rs. 100 crore turnover in another five years.Mr. Chidambaram said that the business potential in the defence sector was capitalised by some of these units. Specific types of boxes were needed for safe transit of defence equipment.Packaging the equipment was as important as the equipment itself.

The demand created opportunities for entrepreneurs. Some of these products had demand in foreign countries too. The entrepreneurs here should develop the confidence to compete in the international market.And, such entrepreneurial efforts were needed for the growth of the country.Brig. Walia, Controller of Quality Assurance (Instruments), Directorate General of Quality Assurance, said that state-of-the-art equipment used by the armed forces now needed sophisticated packaging system for safe transport of the equipment from the area of manufacture to the forward most post.The cost of the packaging systems made by the Indian companies was only one eighth of those purchased from the foreign countries.

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