CHENNAI (India) - In the next two years, India is likely to overtake Japan to rank as the third largest casting producer in the world. However, it requires additional investment of $1.5-2 billion, V. Mahadevan, president of the Institute of Indian Foundrymen, said on Wednesday.
He was addressing reporters on the eve of the three-in-one mega event of 68th World Foundry Congress, 56th Indian Foundry Congress and International Foundry Exhibition 2008, which began at the Chennai Trade Centre on February 7.
“During 2006, India produced 7.1 million tonnes of total casting that amounted to $9-10 billion in value terms. We exported $1 billion worth of casting. The gap between India and Japan is 0.8 million tonnes. There has been a slump in Japan’s foundry market, and we are likely to overtake it in the next 2-3 years. However, we have to augment our capacity,” Mr. Mahadevan said.
India’s foundry market was growing at 17 per cent (year-on-year) against 8-10 per cent of the global market. In 2007, India made 8 million tonnes of total casting, and it was pushing towards 11-12 million tonnes in the coming years.
Andrew Turner, Secretary-General, World Foundry Organisation, said 70 per cent of global casting production catered to the needs of the automobile sector.
Vinod Kapur, chairman, World Foundry Congress, said 1,600 delegates from 31 countries would take part in the Congress.