A 300 acre facility, the Megasite (Cummins Megasite at Phaltan, Maharashtra) will be home to about ten of Cummins' upcoming factories by 2014. Once fully operational, the Megasite will be the largest manufacturing facility of its kind for Cummins, anywhere in the world.
Mission: To develop women professionals who are academically and technically sound with a strong work ethic.
History: Founded in 1991 with a grant from the Cummins India Foundation. The college is run by Maharshi Karve Stree-Shikshan Samstha (MKSSS), a 114-year-old Indian institution dedicated to the cause of women’s education.
Special features: The school recently opened a second campus in Nagpur.
Cummins involvement: In addition to financial support, Cummins contributes technical expertise, experts for lectures, and programs to aid placement.
U.S. engine maker Cummins Inc aims to more than triple its investment in India to $500 million by 2015 as it introduces at least five new business segments.
The company, which manufactures truck engines, power generation equipment and other vehicle components, plans to increase its investment in India from a total of $150 million allocated so far, Chief Executive Tim Solso said late on Friday.
The new projects could include manufacturing of high-pressure fuel systems, 2.8-3.8 litre diesel engines for commercial vehicles and emission solutions, Solso added.
The Columbus, Indiana-based group, which runs about 10 entities including Cummins India, said it had so far spent 5 billion rupees ($110.2 million) of the allocated amount for its manufacturing site in Phaltan near Pune.
The site includes manufacturing units for diesel and gas engines, power generators and redevelopment of existing engines, it said.
"Historically, we have been spending $40 million a year (in India) but we are well above $100 million this year," Solso said. "That gives you some idea about the company's expansion."
Cummins, which currently gets about half of its domestic revenue from supplying the power generation industry, has also started a project in China to build 2.8-3.8 litre diesel engines meant for trucks and vans.
Solso said the company would take "less than a year" to evaluate whether these engines can be made in India.
By 2015, the group sees India's contribution to its global business rising to 15 percent from the current 10 percent and exports from India rising to 40 percent from 30 percent, he added.
"With the domestic market growing so fast, we haven't been able to export much. With the increased capacity, India will become a much larger exports market for us," Solso said.
Eyes Expansion in Africa
Cummins group, which has operations in Nigeria and South Africa, also is exploring opportunities to invest about $75 million in Africa over five years to build engines used in sectors such as mining, power generation and oil and gas, Solso said.
"The possible countries where we might invest further are Egypt, Angola, Nigeria, Morocco and South Africa," he said.
Last year, the group spent about $620 million on capacity expansion globally. Solso expects the investment to boost its sales in the current year, he said.
"We had a turnover of $13 billion last year globally and it would rise by 15-20 percent," he added.
Shares of the company, which the market values at $22.33 billion, closed at $112.56 Friday on the New York Stock Exchange. The stock has more than doubled in value in the past year.
Shares of Cummins India closed down 2.53 percent at 719.70 rupees on BSE.
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